The automotive industry continues to evolve with the growth of electric vehicles and autonomous vehicles, structural design using carbon fiber, and diverse fuel sources such as hydrogen. However, airline pilot and automotive enthusiast Rajat Jaiswal realized that despite the luxury and technologically advanced vehicles, car keys remain relatively unchanged and customization is lacking.
In 2020, amid the Covid-19 pandemic, Jaiswal began working to address this gap in the automotive accessory market. A year later, he developed a fully functional prototype of a smart key that marked the beginning of KeyDroid.
"We aim to revolutionize the car accessory market by offering a solution for car key upgrades—a gap that car owners often face when upgrading other vehicle components like alloys, tires, stereo systems, etc. is in car key upgrades," says Jaiswal, Founder and CEO, KeyDroid.
The founders bootstrapped the start-up with an initial investment of around Rs 50 lakh, taking a loan from their personal savings. The Gurugram-based startup offers five smart key variants—Tron, Nova, Blade, Edge and Slate—priced between Rs 14,000 and Rs 17,000. A limited edition gold Tron variant with a satin gold finish has been introduced.
The keys include proximity lock, safety window lock, auto window shut-on locking, UI HD full touch display, USB charging port, phone number display to track lost keys, wallet management and car tracking. It also offers more than 200 days of battery backup.
“To upgrade, customers can order a smart key by placing an order on the website and sending a car key through an insured method. After receipt, the key undergoes a conversion process to become a smart key, which usually takes a few hours,” explains Jaiswal. "A fully functional smart key is sent back to the customer's address," he adds.
The startup's products also include proximity locks that lock the vehicle when the key moves and unlock when it gets closer, according to a user-adjustable trigger circle. Additionally, it uses Bluetooth-based trigger circles to activate key functions when the user is near the vehicle.
Business modelBusiness model
Keydroid generates revenue through smart car key products, services such as repairs and extended warranties, installation charges for push start systems and accessories. The startup has sold around 3,000 keys so far and is adding 100-150 new users to the platform every month.
In eight months of sales, the company recorded a total turnover of Rs 1 crore and sales are growing at a rate of 20% quarter on quarter. Keydroid targets revenue of Rs 50 lakh in the first quarter of FY25 and Rs 60 lakh in the subsequent quarter. The company aims to achieve these goals through the introduction of new product categories, increased inventory and the launch of a budget-friendly key variant called Keydroid Hexa.
The company sells its products through its website and Amazon. Keydroid has 18 offline stores and plans to expand its dealership network to 50-55 locations across India within a year. The startup, with a team of 15 employees, competes with companies like Gurugram-based Grandpitshop, Budmo and Rartogo. According to the founders, Keydroid stands out with touchscreen smart keys and premium car accessories.
