While most things about cars have changed over the years, the car key has remained more or less the same. Agreed, cars priced above Rs 10 lakh have started getting smart keys, but mostly in the top variants. Even these smart keys look plasticky and dull, and perform just car lock/unlock functions.
Keydroid India, a Gurgaon-based startup, claims its smart keys are ‘truly smart’, look cool, and its technology can even be used in cars with traditional keys, without impacting warranty. Rajat Jaiswal, CEO & co-founder of Keydroid India, told FE that as cars evolved with advanced features and technology, the traditional car key seemed outdated. “I saw an opportunity to innovate in this space and provide car owners with a solution that complements the modern driving experience.”
Jaiswal said there are limited options for upgrading traditional car keys to smart keys, but Keydroid offers a unique solution – smart key upgrades that transform regular keys into touchscreen-enabled ones. “This upgrade brings keyless entry, push-button start, smartphone integration, and enhanced security to the customer’s fingertips,” he said. “We also recognised the demand for customisation in car keys. To meet this need, we today offer a range of designs, materials and finishes in smart key fobs, allowing customers to add a touch of individuality and style to their key.”
But these updates don’t come cheap. For example, Keydroid’s top-end smart keys can cost Rs 15,000 or even more. Jaiswal, however, added that customers pay for something they perceive as value. Even though you may be driving a Rs 10 lakh hatchback, nothing stops you from flaunting a car key that looks as if it is for a Rs 1 crore Mercedes-Benz!
Jaiswal said the goal is to create an ecosystem of super luxury automotive accessories, and smart car remotes are a significant aspect of it. Beyond smart keys, Keydroid has now started offering Nerve, which is a range of aromachology-based car perfumes. While Jaiswal didn’t share how many smart keys his startup has sold, he said there is strong demand. “In April, May and June 2023, our website attracted 48,000 visitors. The momentum continued into July, witnessing 64,000 visitors,” he said.
In terms of revenue, Keydroid achieved a revenue of Rs 26 lakh in the quarter ending June 2023, while in July it touched almost Rs 14 lakh. “The recent listing of Keydroid products on Amazon and the introduction of sub-brands like Nerve car perfumes are anticipated to contribute significantly to a projected 3x increase in revenue for the quarter-ending September 2023,” he said. The bootstrapped startup intends to raise funds in the next four to five months. This funding will be used for R&D, expand the product line and explore international markets.
