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