Ad Here  
TI Cycles plans retail expansion to drive sales for premium bicycles Ponni Sugars (Erode) Ltd: not so sweet 2012-13 Singur minus Nano – victory or folly? Carnival Films acquiring 3000 screens pan India AL secures orders for 3600 buses RoC in the dock... HPCL plans Rs.61,000 crore capex over 5-years Dish TV – subscriber additions encouraging When small is not so beautiful… Sundram Fasteners rejigs international L&T bags the Mumbai Trans-harbour link order TVS Automobile invests Rs.75 crore in start-up firms A niche in FMCG business... Land wars AL wins Deming prize again L & T set bigger ambitions in defence business Housing demand revival Tata Motors charts investments in PV and CV businesses Titan Company – sales recovery to kick in Toyota and Suzuki to introduce EVs in India by 2020 Forging industry worried over lower supply of steel and its price Right to privacy – now it’s fundamental! CAPITAL NOTES Wabco launches safety system Maruti – for young buyers Hyundai to focus on SUVs and AMT variants PSU non-life firms seek to protect share Sivasankaran enters taxi space to take on Uber and Ola The gainers and the losers Kone India eyes further growth in elevator market M & M unveils driverless technology for tractors ITC – steep excise hike Eyes strong growth in 2016-17 L & T’s floating dock for navy Hindalco – re-rating Mercedes-Benz sales continue to zoom Record two-wheeler sales Hyundai India achieves 7 mn production at Chennai factory Tata Motors aims to be among the Top 3 global CV & PV firm Bajaj Finserv – Q1: fare well TVS Srichakra plans capacity expansion AL introduces Guru & Partner Chinese smart phones flourish in small towns too! Tata Motors bets on new launches Michelin to double Chennai capacity He excels in the nuts and bolts of entrepreneurship Tata gets 4-star rating for Zest Tata Steel, ThyssenKrupp sign MoU to merge European units Gamesa to set up a plant in Nellore Daimler’s truck exports from Chennai cross 5000 units From the toughest to the best year Daimler grows sales and share in India New India Assurance posts impressive show Vellayan is back, after 150 days Back in growth mode Aurobindo Pharmacy: good turnaround Increasing market share It takes two to tango Is this a generation gap? The unexpected exit Yamaha unveils scooter boutique Solar installations exceed 2015 capacity in five months TN government keen on revival of operations at Nokia complex L&T profit up by 11 per cent Smooth sailing of SAIL Ode to Ratan Tata Tata Motors joins compact SUV bandwagon with Nexon Last stages PPP model for infrastructure development V-Guard launches app-enabled water heater system Are they really independent? A welcome initiative-even critics are recognised Shriram Life clocks more than Rs.1000 crore premium in 2015-16 29 per cent jump in TCS revenues Consolidating leadership position in smartphones Rane targets Rs.5500 crore topline by 2018-19 Preparing for the next growth curve Nissan exit shouldn’t affect ALL Emami – a new growth mantra E.I.D Parry (India) Ltd: another sweet year LVB posts 31 per cent growth in Q1 net profit IOB on turnaround path ITC chairman calls for policy impetus to transform agriculture Smartphone onslaught by Chinese brands Welcome focus to improve rural India...
Sivasankaran enters taxi space to take on Uber and Ola

Former Aircel owner C Sivasankaran has taken a plunge into India’s crowded taxi space with the launch of UTOO cabs.

UTOO plans to begin with a fleet of 1000 cars in Chennai and scale it up to 100,000 cars over phases.  Wow!

UTOO has announced a soft launch with 180 cars and the taxi service will initially target six metros, Pune and Jaipur. The users will be able to book rides and create their own route through the UTOO app. It plans to offer personalised shuttle service to office at Rs.4 per km. This should act as a real game-changer and a total spoiler.

The venture is initially backed by funding from his close friends and family, Sivasankaran said at a press conference here. UTOO is expected to make investments of Rs.350 crore to Rs.1200 crore in the region depending upon the needs.  The company claimed that it would run only 2016 model vehicles and will have specific safety and quality standards.  This should act as its unique selling proposition (USP).

It will soon come out with more announcements on its services and will have attractive models to benefit the customers.

“We have studied the taxi hailing business and the competitive landscape over the last year. I am confident that UTOO business model will remain loyal to its objectives,” according to K V P Baskaran, who was the Chief Executive Officer of Aircel.

With the taxi hailing business growing at over 20-25 per cent annually in India, the organised sector accounts for just 4-5 per cent of the industry totalling $800 million, which is expected to grow to $7 billion by 2020.

This will give the competitors a run for the money.  And that is as it should be.

Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236