In the wake of the pandemic, India’s mobility segment went through its worst nightmare with most of the country under lockdown. According to Redseer’s estimates, monthly rides went down from 113 Mn in February 2020 to 10 Mn in March-May 2020.
With the sudden decline and the loss in revenue, many mobility startups partnered with delivery startups such as Zomato, Swiggy and more to explore the B2B side. Not only did this help mobility startups to increase revenue and growth, but also reduced layoffs, while adding new verticals to the business.
According to Statista, between 2021 and 2025, the sector’s revenue is expected to grow at a compound annual growth rate (CAGR) of 18.94% to cross $165 Bn by 2025.
The numbers seem promising, but the uncertainties remain high in the market with the third wave in sight. In such a scenario, how is India’s mobility sector preparing? What are the challenges one can foresee? Will the country bet on EVs to help the sector? How will the inter-city mobility startups build their business to ensure stability and growth?
In a bid to answer all these questions, and the trends, opportunities and the current need for identity verification amongst mobility startups, Inc42 hosted — The Dialogue — powered by Onfido.
Based out of London, Onfido is helping startups and enterprises with document ID and facial biometrics verification through its AI-powered system. The company claims to have helped over 1,500 companies till now, with offices in London, San Francisco, New York, Lisbon, Paris, New Delhi and Singapore
The Dialogue: Decoding The Future Of India’s Mobility Sector
Moderated by Arpit Agarwal, Director, Blume Ventures, in this session, we hosted Amit Gupta, Cofounder and CEO, Yulu; Aravind Sanka, Cofounder, Rapido; and Kapil Raizada, Cofounder, IntrCity.
During the discussion, we captured:
- How learnings from the first wave helped mobility startups fight the second wave and how these learnings will help these startups in:
- Ensuring their growth amidst the curfew and lockdown-like situations in the upcoming months
- The strategies startups are incorporating for growth and scale their businesses
- Challenges and threats to the industry and how the startups are managing to counter the same
- How startups are leveraging new age technologies, pivoting business models, and more to drive growth
- The solutions provided by companies such as Onfido and how startups can leverage them:
- Reducing the threat of theft or damage
- Seamless and efficient onboarding and verification of drivers and users
- Reducing operational costs and scaling globally leveraging AI