Hemant Lochav is the founder And CEO of NevertonY.com, an online estate agency business that has recently been valued at $22 million. His age is 20 years as in 2019.
Hemant Lochav is one of the fastest growing Internet entrepreneurs of India. He is the founder and CEO of NevertonY.com. India's Cheapest Online Estate Agent
“NevertonY.com Is A Nationwide Online Estate Agent. NevertonY.com Provides You A Platform To Sell Your Properties At Just ₹9k (nine thousand Indian rupees).
Their Mission Is Pretty Simple. Selling Properties Superfast, By Offering Super-Brilliant Client Service And Even At More Super Price.
With NevertonY You Make Selling Properties In India
As Easy As Selling A Smartphone. No, Easier.
The Team Is Lead By The founder and CEO Who Has Been With The Business at age of 13,”
Hemant Vision " We Want To Revolutionize The Indian Or As Well As all Over World Property Market By Offering A 96% Discount On Property Selling"
TukTuk Ride promises round-the-clock, hassle-free and cost-effective rides to customers, its core proposition being “cabs at the price of an auto”. Customers are charged a flat rate of Rs 14 per kilometre, and there is no surge pricing or cancellation fee. Additionally, the first ride is free.
TukTuk also lets riders hail bike taxis at Rs 8 per kilometre. In future, it plans to expand to other verticals such as luxury cars, vintage cars, e-bikes, delivery vehicles, ambulances, and more. Essentially, Yash wants to build an end-to-end “transportation network” as opposed to just a taxi service.
“It is a demand-and-supply game at the end, and given India’s huge population, there is demand in every category. If we can cater to even 1 percent of that, we’ll be a successful company,” he explains. “Very soon we’ll be starting e-bikes in designated smart cities. We’re already exploring contracts with the government,” he says.
Yash Kapoor, Founder of TukTuk Ride
TukTuk claims to have notched up over a 1,000 users already. The platform completes 150 daily rides and plans to take that up to 10,000 by the end of the year. There are more than 4,000 vehicles (3,500 cabs and 550 bikes) in its fleet at present, and it wants to scale that up to 100,000 by 2020.
The bootstrapped, 28-member startup has also roped in Tata Motors and Maruti as cab partners, TVS as bike partner, and Hero as electric vehicle partner. “We’ve funds to last us another year. We could look at funding and a pan-India rollout after that,” Yash reveals.
The focus on driver-partners
TukTuk Ride reckons that drivers serving cab aggregators in India are majorly “dissatisfied”. Their earnings are low (given companies take away sizeable commissions), the pressure to complete a certain number of rides is high, payments are delayed in many cases, and so on.
Yash elaborates,
“I spent months taking cab rides in Delhi-NCR and spoke to hundreds of Ola/Uber drivers. Most were unhappy because companies don’t focus on them. They are busy chasing customers. So, we decided to build TukTuk as a driver-centric platform.”
At present, TukTuk charges zero commission from its 5,000 drivers. It also urges riders to make cash payments to ensure immediate earnings for drivers. (Wallet payments will soon be enabled.)
“We wanted to earn the trust of our drivers. These are blue-collared business partners, they have bought vehicles costing Rs 4-5 lakh,” says Yash, adding, “We don’t want lakhs of unhappy drivers on our platform. If we can have one lakh satisfied ones, we’ll be successful because they will be loyal to us.”
TukTuk, in fact, rolled out its driver applicationthree months prior to launching the customer app. It expects drivers to take a minimum of five rides per day, which is significantly lower than industry standards. The startup also aims to bring down the number of cabs operating without a proper licence, old and polluted vehicles, and curb instances of sexual harassment by unlicensed drivers.
Yash is clear on where TukTuk stands in India’s cluttered ride-hailing market. “Nobody can pay drivers more than Ola/Uber. But, we want our drivers to be always happy and continuously busy. We don’t want cancelled rides or delayed payments,” he says.
Yash, who’s spent eight years as an insurance agent and in building a real estate broking business, knows a thing or two about identifying an opportunity and making a good sales pitch. “Main sales ka hi aadmi hoon,” he says, and TukTuk Ride is his pitch to small-town India wherein people “pay auto fares for cab rides”.
With a business model as this, the startup is naturally losing money per ride. Add to that, there is no external funding so far.
But, Yash asserts that TukTuk is “not looking at margins” and he’s saved up enough for now. He’s also confident that by 2020, when all partnerships and contracts fall in place, the startup will be cash-positive. And eventually, it will start charging driver commissions too.
As for riders, says Yash, “We are telling them to wait five minutes for a cab instead of two minutes for an auto. The rate is the same.”
It might be safe to suggest that most urban Indians have used an app-based taxi service at least once, if not more, in the last few years. Because… well, “convenience” is too hard to ignore, especially if one gets it with just a few taps on their smartphone.
As a result, India’s ride-hailing market is on an upsurge. Currently dominated by Ola and Uber, the sector is estimated to be worth $675 million in 2019, and $1.13 billion by 2023. And yet, penetration of app-based taxi services is only about 2 percent (expected to hit 2.9 percent by 2023), according to Statista.
This is primarily because most taxi aggregators, so far, have focused on the top 10-12 citiesand tapped into urban demand to build up buzz, cultivate usage, and become more visible. Even though Ola and Uber have launched services in a few Tier II towns, their approach remains top-down, more than bottom-up. And, this is what Noida-based entrepreneur Yash Kapoor wanted to change when he conceived TukTuk Ride in early 2018.
Image: TukTuk Ride | Twitter
TukTuk Ride is India’s latest app-based ride-hailing service that launched in Delhi-NCR in January, after about 10 months of being in development. It will roll out in Indore, Bhopal, Kanpur, Lucknow, Jaipur, and Udaipur by the end of the year. And by 2020, TukTuk will ride into 20 small towns, where smartphones prevail, but app-taxis are absent.
Founder Yash tells YourStory,
“These are towns where the Ola/Uber service is very poor or entirely missing. They are not focusing on these places even though people here are aware of ride-hailing services. They have their smartphones, they use apps, and they want to take a cab ride. Agar everything is digital today, phir cabs kyun nahi?”
Mumbai houses the maximum population of India’s ultra high-net-worth individuals (UHNWI), with 1,340 residents holding wealth of over $30 million, according to the Global Wealth Report 2017by London-based residential and commercial property consultancy Knight Frank. Delhi came a distant second, with just 680 super-rich Indians calling the national capital home.
Overall, India is home to 264,300 millionaires. From that group of wealthy people, 6,740 are classified as UHNWIs. Between 2015 and 2016, the country witnessed a 12% increase in its UHNWI population; over the next decade, this group is expected to grow by 150%. On average, every UNHWI in India owns more than three houses.
“India has a resilient, diversified economy; it is not reliant on commodities and its domestic and foreign debt burden is manageable,” Knight Frank’s chief global economist, Andrew Kenningham, wrote in the report.
Surprisingly, India’s tech hub, Bengaluru, didn’t make it as a favourite among millionaires. However, it did see a promising 15% rise in UHNWIs between 2015 and 2016—the same uptick as Hyderabad.
The startup capital “has emerged as an attractive destination for multinational enterprises looking to set up innovation centres and tap into a fresh pool of technology talent,” the report said. Foreign players like Uber, Airbus, and Visa have set up shop alongside homegrown unicorns—billion-dollar private startups—like Flipkart, InMobi, and Mu Sigma in Bengaluru. The research also praised the ”top-class global research institutes such as the Indian Institute of Science, as well as many state-owned research organisations that are turning out the innovative culture and workforce” in the world’s fastest-changing city.
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