Mind Your Fleet happens to be a SaaS-based, end-to-end enterprise tool that helps car rental companies to promote, manage and also distribute their business online. The firm that was started in the year 2014 claims to have been witnessing an increase in the demand for its services. Mind Your Fleet currently offers a marketplace for small fleet cab owners and is also seeing a rising demand by multiple companies that are wanting to be part of the same. The company says that they have witnessed a world of car rental players beyond Ola and Uber.
Moreover, MYF’s investors, Mr Japan Vyas and Mr Ravinder Vashist, Co-founders, Roots Ventures are also of the opinion that “The car rental industry hit rock bottom when the pandemic hit but is now seeing a recovery as corporate travel in socially distant sanitized cars is picking up steam now as we are witnessing it with our investee company Mind Your Fleet.“ Express Drives recently had an interaction with Malvinder Singh Rikhy, Co-founder, Mind Your Fleet. Here are the key takeaways:
Express Drives – How has COVID impacted your business?
Malvinder – Covid has deeply impacted the car rental industry since the lockdown was announced in India in March this year. Performance of the car rental industry directly impacts Mind Your Fleet (MYF) as well since the suppliers form a key part of the market place. However, at the same time, MYF has seen good interest from A. corporates who want to ensure safe travel and are looking for cost optimization by removing inefficiency and B. Travel Management Companies that have for a very long time relied only on income from airlines and very recently started getting into hotel accommodation. They now want to have additional revenue streams and Cabs are top of the list. C. Hotels are really concerned about the covid spread and are taking every measure possible to ensure that their property remains covid free and that is the reason cabs have become even more important for them. MYF has signed up with more customers in the last 6 months than in 6 months prior to lockdown. Therefore that has been positive and in long term, the revenues shall also add up.
It is commonly observed that people are opting for private vehicles over third party vehicles. How has the demand graph performed in the last 8 months?
MYF primarily focuses on b2b business currently with primary customer segment being Corporates – Corporate travel was largely restricted and now seeing a recovery. There would have been some cannibalisation by private vehicles but not very large on account of two factors – Car rental companies are taking care of covid guidelines laid by organizations and behaviour of travellers who are used to travelling in the comfort of chauffeur driven cars for business travel.
You are a marketplace for small fleet car rental service providers. What is the new kind of companies you have onboarded on the platform?
MYF platform has on boarded most top car rental companies of India besides small and mid-size suppliers. On the corporate side, MYF has been appreciated for coming up with very innovative technology solutions for monitoring and ensuring cab quality being used to service the traveller. MYF has been able to add not only suppliers but has been able to sign some of the blue-chip corporates during the covid period
Also, if you can give a brief, what all companies/operators are with you right now?
MYF has a very unique strategy for expansion and growth. Our focus has been to keep becoming more and more relevant to the customers we serve. This approach has really helped us expand reasonably well considering covid. MYF has been adopted by over 600+ fleet operators spanning close to 40,000+ cars. Our demand side has been beefed up by Corporates and MNCs across FMCG, e-commerce, manufacturing and consulting.
What are the 2021 plans for Mind Your Fleet company?
2021 is the year of double focus. Consolidation and Client acquisition while keeping an eye on covid. MYF will invest in technologies to bring more transparency and improve the experience for both, the corporate as well as the travel vendor partner. Analytics and AI will be pivotal in our offering for corporates. MYF will focus to strengthen product offerings across customer segments.
What are the market expectations for 2021 with the Covid-19 scenario in place?
Safe travel by ensuring Covid guidelines are being followed and the role technology can play to ensure the same. Covid has acted as a double-edged sword where at one place it has made everyone sit at home on the other hand it has made the traditional corporate car rental companies be of relevance again. Corporates no longer only want cheaper cars but they also want high quality and safety. They are willing to switch to these car rental businesses if they adopt the technology. Keeping this in mind we expect 2021 to be a recovery year and a year of great hopes transpiring to significant yields in 2022.
A brief on how your entire business model works?
All customer segments who use the platform typically pay platform fees. We provide end to end fleet management software to fleet operators while providing comprehensive technology solutions to corporates to manage their transport operations.
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