Traditional vehicle condominium corporations are struggling to run their organizations, ever considering that Uber and Ola have entered the Indian marketplace. But the majority in their issues lie elsewhere. At any given point in time, a automobile apartment organization utilises only a fragment of its their fleet. This, in flip, ends in wastage of money and massive operational challenges.
Sensing the want to solve this hassle Jitender Arora and Malvinder Singh Rikhy founded Mind Your Fleet (MYF) in September 2014. The duo aims to help car apartment groups streamline their operations, and create efficiencies with their unique inventory, consumer, dispatch, and seller management tools.
SaaS-based totally End-To-End Enterprise Tool For Car Rental Companies
Noida-primarily based automobile fleet control answers provider, Mind Your Fleet provides a SaaS-based totally, cease-to-quit business enterprise device which allows automobile apartment corporations to sell, control, and distribute their commercial enterprise on-line.
“The ground transportation industry is currently shrouded in opaqueness, and handiest with generation can one dispose of the cloud. We at Mind Your Fleet aim to organise this enterprise,” says Jitender Arora, co-founder, Mind Your Fleet.
For the founders, the adventure of MYF started whilst Jitender, who was heading MGHworld, met Malvinder who turned into the CEO of Kuoni Travels, with the intention of selling his product.
During the meeting, both stumbled upon the want to do away with this opaqueness surrounding the cab industry in India and the outcome of the assembly was the muse of MYF’s journey.
“We began offering possibilities to local automobile rental corporations who needed to grow however could not live to tell the tale the stress of dealing with the bigger players. The organization turned into founded with a task to re-organise and optimise the floor transportation enterprise right into a single sector, assisting the customer attain out to a myriad of cab aggregators thru their platform,” says 53-year-antique Malvinder, co-founder at MYF.
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MYF’s capabilities like local booker-supplier-vacationer apps, automated booking and dispatch scheduler, robust accounting, and chook’s-eye view era, cater to each single factor of its users’ enterprise thru one single platform.
As consistent with the corporation, its understanding lies in modules consisting of fleet management, inventory control, reserving and dispatch control, company and retail customer management, accounting control, and dealer control.
Not most effective this, MYF marketplace enables a customer/vendor to develop their business globally by connecting them with car apartment groups internationally. It allows fleet proprietors get right of entry to to each different’s inventory in actual-time and hook up with several call for aspect gamers consisting of Online Travel Agents (OTAs), corporates or inns. It gives a real-time fleet from the marketplace after negotiating the pleasant rate. Its market has integrated capabilities like car invoice generation and smooth payments by using retail customers, company card or cash.
By using the MYF platform customers ought to probably keep cash by using automating their commercial enterprise tactics, make money with the aid of connecting to a wider patron base, and proportion stock in actual-time.
Several vehicle condominium agencies like Bharat International Travel, D-Cabs, Fab Cars, RR Fleet Management, Cabs 24/7 etc., have already registered on Mind Your Fleet’s SaaS platform. By the give up of 2016, a total range of 100K+ bookings have been reportedly finished at the platform and this number is anticipated to boom significantly in 2017.
Earlier in April 2016, the employer had secured an undisclosed amount in an angel spherical from undisclosed investors.
As in step with the founders, the company has managed to add over 65+ sales paying clients who have closed over $1.Five Mn (INR 10 Cr) of transactions. These customers are geographically unfold across India and in all of the metros, in addition to smaller towns like Agartala, Ranchi, Allahabad, and Bhopal.
A Bumpy Ride: Challenges On The MYF Road
Apart from getting the right skills, for the founders, the principle demanding situations had been coping with patron expectancies, hiring and motivating skills, and making accurate aid allocation decisions.
“Many clients felt they certainly wished a feature or requirement and we won't have agreed with them. Here we needed to be sturdy and sometimes disagree and again our personal assertions – this became very hard to do within the early days whilst we had most effective a handful of clients,” recollects Karambir Singh, CEO, Mind Your Fleet.
Resource allocation is some other ongoing project for the enterprise. He adds,
“As a startup, we obviously had a constrained price range, tight time limits, and large deliverables. There was usually unreasonable pressure to stability infrastructure challenges, group morale, consumer expectancies, and investor expectancies adeptly.”
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The startup’s ability to collaborate with each unmarried stakeholder in the ground transportation atmosphere has enabled it to compete with players like Ola and Uber in terms of amount of vehicles supplied.
What Lies Around The Corner
MYF’s primary consciousness is on the auto condo/taxi space in India. However, extensions to its product, which it's far already operating on, consists of answers for the transport and logistics space. It is for this reason that the corporation has managed to elevate an undisclosed round of bridge funding. The funding changed into led by means of Japan Vyas, co-founder and Managing Partner of Sixth Sense Ventures, and Tarun Adlakha along with the organization of angel buyers.
“Our solutions are constructed on a multi-forex, multilingual basis, so we are able to increase across the world and adapt as essential to those market situations. Some of that is already occurring and we are hoping to gain further traction in those areas inside the following couple of quarters,” informs Karambir.
The employer plans to utilise the these days infused price range in product improvement, and competitive sales and advertising and marketing campaigns to amplify its reach to global market. It is now actively looking to raise its Series A spherical and has also extended its technology toward two wheeler condo offerings, beginning with Gurugram-based totally M-Taxi.
