In the seventeenth episode of TC Show Off, a weekly show that provides startups a platform to showcase themselves, their business models, the core USP etc., MiCar's co-founder and director Suyagya Agrawal showcased how the startup addresses the pain point of people who want to drive a car but do not want to own them.
Addressing a market size of $4 billion, the startup provides vehicles to customers on a need-to-need basis at a rental cost. Interestingly, customers can pay separately for the duration and distance travelled once the vehicle is delivered. What this means is that if a customer keeps a car for three days but does not drive it, then he/she will only have to pay for the duration and not the kilometres.
According to Agrawal, most people in India who drive cars are not getting value for their money as they drive their cars for less than 1,000 kilometres per month. Besides, parking in colonies in Indian cities is also a big hassle.
Spread across five different locations in the NCR region, the startup plans to expand via following a hyper-localised model.
While 91 Spring Board's co-founder Varun Chawla mentioned that the startup is thinking of important things like proximity to the users and their convenience, he questioned on how large the market actually is, considering that Indians are now used to radio taxis, and there is an abundance of drivers who are available at very cheap rates.
"My concern would be whether the product will work in Indian market at the same level as it does in say a market like New York," said Chawla.
Watch the video for more.