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