An integrated solution that brings together cab agencies, cab drivers and travelers, seamlessly on a single technology platform -- a technology backbone for cab agencies. That is what 360Cabs aims to be. In simple terms, it is a technology solution for unorganized cab agencies to streamline their business and scale it to the next level. It equips cab agencies to service their customers better, retaining the existing customers as well as adding new ones.
YourStory chats with Lokesh Bevara, who started 360cabs.
What made you start this?
As a cab user, I faced several problems, including no definite confirmation of my booking request or driver’s exact location, zero transparency in fare and also security concerns. I had discussed these problems with friends, and found that most of them have faced similar issues. This urged me to speak to a cab agencies. Surprisingly, I found that the root cause for the customer dissatisfaction lies in the booking and dispatching process they use, and that fixing those issues first would help the rest fall in place. A technology gap was evident to me. I realised that a right solution that addresses the current and futuristic needs of this industry at an economical price could fill a really big void. That’s how 360cabs started.
Challenges to address
The unorganized cab agencies face multiple challenges running their business, especially when their car fleet size increases beyond 50-100.
The typical challenges are :
- Inability to efficiently handle the bookings. They do not have the right information (such as cab availability/location) to make the right decisions to service the request.
- The cab operators are unable to track the location of their cabs/drivers or the charging mechanism.
- Inability to dispatch cars to the customers on time.
- Scaling is desired but difficult to attain.
360cabs has beautifully integrated solution to all the pain-points of the cab agencies in a single software and has delivered it as a complete package to the cab agencies. Our core advantages are that of an early mover, who understands the market better and utilizes technology well, all in an Indian centric product.
Right now, it's an India centric product but keeping in mind the sort of features that we are adding to the product in the near future, we are hoping for some radical changes.
Presently, we have three paid customers across Bangalore and Hyderabad. We plan to concentrate on these two cities and expand radically. By end of next year, we hope to reach three more major cities in India. Currently, sales are handled by the founding team and we are in the process of recruiting a marketing team. Until now, word of mouth has worked really well for us as our primary motto is to give utmost customer satisfaction. We have some very serious queries in the pipeline.
Current revenue model
We operate on a subscription-based model wherein we charge a premium per cab per month. Usage fee for cab tracking from cab user is a value added service.
I have always been interested in creating a software product that will help people meet their needs and eventually have a positive impact on the industry. Real pain points in any industry interest me a lot. I keep a note of pain points that I face in my daily life and try to find a solution for it. That's how 360cabs was born.
I have always believed that if you deeply believe in anything, allocate decent amount of time to it, work hard, stay focused and, most importantly, have patience, then you can definitely make it . That's what I say to myself every day and keep going. Being an entrepreneur is a wonderful experience. There will be many ups and downs and the best part is that you enjoy everything. You get to learn a lot from failures and can apply them for a better entrepreneurship life.
This is my favorite topic. I just love my team. We are two founders and three hired software engineers. Varaprasad, my co-founder has 10 years of industry experience in telecom and embedded domains. He is a hard core developer at heart with keen interest in finance. I have six years of experience in developing enterprise applications and an interest in entrepreneurship. Our engineers are a perfect fit for a start-up. I am really fortunate to have a team like this who are highly energetic, extremely enthusiastic , phenomenal performers, exceptionally good in delivering modules on time. We work as a tightly bonded team, working for the company on a product we believe in, so as to make a difference in the industry.
Drive as an entrepreneur!
I did the Innovation and Entrepreneurship program from Stanford and Masters from IIITB. I have a burning desire to solve real pain-points of an industry with the help of technology and make a significant impact on that industry. Learning new things, markets, human behavior, industry matters and challenging projects interest me.
Did the Stanford Ignite programme help you?
Stanford Ignite was a life changing experience for me. It helped me get a deep understanding on how to zero-in on a venture idea, structure it well and execute it. Imbibing all that in a short span of 12 weeks is truly phenomenal. It is an exceptional program, which will provide you the right tools to go and change the world. The program is rightly named 'Ignite' because it ignites minds for sure.
We are constantly working to make cab agencies efficient in terms of time and revenue, while delivering extreme level of transparency, reliability and security for the cab user.
I have grown up seeing my father's entrepreneurial qualities. He became a very good contractor by his thirties. He fulfilled his desire to study law in his late forties and became a District 2nd class magistrate. In fact, I take him as my role model and think of him whenever I feel low. I got unmatched support from my parents and my co-founder in becoming an entrepreneur.