Based in Bihar, RodBez Taxi Service is a ride-hailing business that specializes in offering reasonably priced, dependable, and safe transportation choices. The startup wants to offer a distinctive answer to local transportation problems, particularly in an area like Bihar where traditional taxi services could be harder to find. In tier-2 and tier-3 cities, the business model aims to meet the increasing need for both shared and personal mobility.
Company Name: RodBez
Founder: Dilkhush Kumar, Siddharth Shankar Jha
Product: Taxi Service
Highlights
- RodBez’s founders pitched their plan for a neighborhood taxi service that would benefit Bihar’s underprivileged cities. Affordable rates, safe trips, and a tech-driven service with an app that lets users book rides and pay easily are their main priorities.
- In tier-2 and tier-3 cities, where Ola and Uber have not yet achieved full market penetration, the founders emphasized the large market gap. RodBez hopes to build a sizable clientele in these areas by providing services that are suited to local requirements.
- Cashless payments, GPS tracking, and ride booking are all made possible by the company’s technological platform. Their service prioritizes consumer convenience and dependability, and the app is made to let users book rides whenever it’s convenient for them.
- By giving them a reliable source of income, the founders talked about their emphasis on giving local drivers jobs and fostering economic progress in the area.
- The local impact and the jobs that RodBez was creating impressed Vineeta Singh and Ritesh Agarwal. They valued the founders’ attempts to address Bihar’s local transportation issues.
- The business’s scalability and the possibility of competition from bigger, more established firms like Ola and Uber, however, also made the sharks wary.
- Given the unexplored market and the company’s capacity to meet local requirements that larger competitors could miss, Vineeta and Ritesh recognized potential in the business despite their reservations.
- Additionally, they offered ₹30 Lakhs as debt at an interest rate of 12% for 2 years. This would help RodBez meet their immediate financial needs, including improving their infrastructure and expanding the fleet of taxis.
- Since some of the capital was provided through debt, which would not significantly reduce ownership as equity would, the agreement would allow the founders to maintain greater control over the company. But because of the interest rate, the business would have to repay the loan over a two-year period.
Pitch Details
Ask: ₹50 Lakhs for 5% Equity
Deal: After negotiations, Vineeta and Ritesh together secured a deal for ₹20 Lakhs for 5% Equity + ₹30 Lakhs Debt at 12% Interest for 2 Years.
Investors:: The investment came from Vineeta Singh and Ritesh Agarwal.
Conclusion
To sum up, RodBez Taxi Service’s Shark Tank India Season 3, Episode 3 pitch emphasized the possibility of offering customized ride-hailing services in underprivileged areas like Bihar. RodBez has established itself as a significant force in the transportation industry by concentrating on small towns and providing a solution that meets the particular requirements of the populace. The business has a great chance to grow and expand thanks to the agreement reached with Vineeta Singh and Ritesh Agarwal for ₹20 lakhs in equity and ₹30 lakhs in debt. RodBez is ready to grow its company and face the difficulties of competing with bigger ride-hailing services, which will eventually benefit the local economy and transportation infrastructure, provided it receives the proper capital and direction.
Significant findings
- Innovative Localized Approach
- Scalable Business Mode
- Investment Structure
- Regional Market Opportunity
- Debt for Immediate Growth
