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