Share your ride and save bucks with SlimRide
The Bird’s eye view
Rapid urbanization and growth in urban population without any significant improvement in public infrastructure and facilities have led to a plethora of problems for the urban commuter. Commuting in large cities has been a major problem for some time now and it is increasingly getting worse each passing day. People commuting for 10-15 Km or more, to office or airport for example, have to every time trade off between price and comfort. In addition, there are problems of last-minute cancellations, safety, and unfair pricing. SlimRide has embarked upon a journey to bring all aspects such as affordability, quality, reliability etc. in a single service. They believe that smart service design and efficient utilization of resources, coupled with strong technology, can solve the commuting issues of urban India.
SlimRide – a complete ride-sharing solution
SlimRide is a unique and India’s first end-to-end ride sharing service which allows customers to book seats in advance for their travel needs and then provide cars to complete the rides. Their model is similar to flight or bus ticket booking systems. Currently they provide shared rides to airport, railway stations, and offices at Bangalore.
Hurdles they came across
They faced two major hurdles initially: convincing customers about the actual nature of their offerings and getting cab drivers to work with them. What the team observed that people missed the shared aspect of the offering and looked for full cabs at very low fares. It resulted in a lot of time and effort wastage for the small team. They completely changed the messaging and information on the website to make their offerings clear to customers. In due course the problem reduced significantly.
For initial several weeks, the team found it difficult to get drivers on board. SlimRide being a new player in the market and very high incentive offered by big cab companies kept the drivers away. But they kept on persisting and came up with different and assured payment structure to get few drivers on board. Subsequently, more drivers followed suit.
That Eureka Moment
Ashlesh always saw potential of ride sharing in saving resources and reducing traffic but it was the refusal of two strangers to share a taxi from Delhi airport that got him started on exploring the industry and creating a feasible solution. He and the other two people were going to nearby locations and could have easily saved two-third of the fare. But still the other two persons refused to share for their own apprehensions. It led him thinking that a dedicated company that facilitates sharing of rides could resolve the trust-related and other issues and so he started studying the market.
Founder and the start
SlimRide was founded by Kumar Ashlesh – an alumnus of IIT Bombay and ISB Hyderabad He previously worked at DRDO in R&D, engineering, & Project Management roles. While he was working on creating the solution he got immense support and guidance from many people. He later started hiring people for few roles who all together can launch an MVP.
The Slim Team
SlimRide currently has a very small but a strong team of three full time employees whose sole purpose is to build technology and services which are delight to customers, without any hassles. They are looking to expand the team over next few months. They have some highly experienced advisers who provide ideas on technology vision & leadership, team hiring and team guidance.
Service and Revenue
SlimRide predominantly works on advance booking model which helps in providing assured availability and nominal fares to customers. Their system provides optimal pooling than the instant ridesharing services. The revenue model is quite simple. Revenue is generated on every seat booking. They have been growing in both revenue and bookings about 25% every month. Repeat rate of customers is observed more than 60% and conversion rate from potential to actual customers of 80%.
The product works in a very simple manner. Customers search available rides by entering few details such as date, desirable reaching or leaving time, number of seats etc. Once the details are entered, the system shows all the relevant available rides with expected reaching time, pickup time, fare etc. Customers can then book based on which ride suites them. The system allows up to 8-hours advance booking currently. The proprietary algorithm checks the bookings and pools them optimally.
SlimRide is planning to launch in Hyderabad and Delhi in next few months.
For more information visit https://www.slimride.com/