PitStop Street: An online platform to book and get your bike serviced
What do you do when you don't have the time to service your two-wheeler? What do you do when you suddenly have a breakdown and are left stranded in the middle of the road? What do you do when having a punctured tyre? What do you do when you are out of fuel? What do you do when the traffic police catch you for not having the correct papers on you?
These very questions were bothering Prashant Kumar, who decided to solve them by founding PitStop Street.
Convincing his parents that he was making the right decision by leaving his secure and so-called dream job was not easy. Determined not to burden the family, the mobilisation of funds was also an issue.
Vivek Kumar, Co-founder, PitStop Street, told YourStory, "Your journey becomes slightly easy when you manage to garner support from elders, when your elders understand what you are trying to do. The worst thing for any founder is when the opposite happens. The toughest thing to do is go against your own family.”
Core product and the inspiration behind the name
Their core services are:
- General servicing
- Breakdown assistance
- Fuel assistance
- Puncture repairs
- Blood assistance
- Insurance renewal
- Pollution papers
Pitstop is a Formula 1 racing term describing a situation in which an F1 car is taken to the pit for refuelling and repairs in between a race. The time taken for a pit stop has to be minimum in order to be in the race. Inspired by this concept, PitStop Street is a street or place where one can get their vehicle’s problems resolved in minimum time.
USP of the product
They provide rapid breakdown assistance, a rapid complaint-management system, and blood support breakdown assistance.
It provides real-time breakdown assistance and claims to reach the customers within 30 minutes of the call.
Rapid complaint-management system: If a customer files a complaint, they come to their place and pick up their bike. They get it resolved and deliver it back to the customer without any charges.
Blood support: If a customer or his/her immediate family member meets with an accident, they arrange blood for them.
Revenue generation
They are currently seeing a revenue growth of 15-20 percent every month. Their active database is of 3,000 customers.
Market size
Currently, they are operating in Ranchi and targeting tier 2 cities. A city like Ranchi currently has 15 lakh active registrations. The RTO and showroom service centre are servicing 800-900 bikes per day. If garages and the unorganised sector are taken into consideration, the number rises to 2,500 bikes per day. By capturing 2 percent of the market size, their business model can make them a good profit-making venture in this segment
Funding status
They are managing through their savings and angel funding from friends and relatives. They believe in bootstrapping and a stronger revenue model.