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