August 2022 – MetroRide, a Bengaluru-based Mobility tech company recently reached a significant milestone of serving half a million customers on their platform. India’s first AI-enabled electric ride-hailing platform, MetroRide is on a mission to make daily commute Affordable, Seamless & Sustainable. This multi-modal platform makes public transport accessible by solving first & the last-mile connectivity issues and making customers’ end-to-end journeys seamless.
In the last 12 months, MetroRide focused on serving daily Metro commuters in Hyderabad, Bengaluru, Delhi, and Noida. It has signed MoU and works very closely with Metro corporations enabling them to onboard metro users on their app at almost Zero acquisition cost.
Girish Nagpal, CEO, Co-Founder MetroRide says, “Our model has been built to serve the same customers every day and hence derive a higher LifeTime Value inspite of our ticket size being small. Our data analysis shows that we have close to 100% retention with customers who stick with us after the initial churn. With this proven model in place, we are now looking at growing our business 10x in next 1 year and soon closing our pre-series investment round.”
Kaaman Agarwal, CTO, Co-Founder MetroRide says, “This is a proud moment for us, not just because of the milestone but also because we have done this using Technology. We were clear from day 1 that every issue we face in this business will be solved using our tech stack. Our own AI framework, VIKI, is like our virtual assistant. For every operational issue we face, we go to VIKI for answers. During the last year, these issues have been things like –‘Issue with Cash Rides’ or ‘Customer Attrition’. Here, rather than deploying an on-ground operational team, we let VIKI monitor the day-to-day operations, making us scalable & lean.”
Unlike other ride-hailing companies, MetroRide collaborates with public transit agencies like Metro & Suburban trains by bringing multimodal ticketing on the same app. Their focus is on making public transport accessible. The mobility-as-a-service market size was valued at $128 Billion in 2021, and it is projected to foster at a CAGR of 16.8% during 2021–2030 as per P&S Intelligence Report. In India alone, over 800 CRORES rides are completed by daily commuters on Metro & Suburban trains every year. MetroRide is focused to cater to these customers for whom affordability and minimal wait times are the 2 most critical needs as per the consumer survey done by the company. MetroRide reduced average waiting time by over 80% and average ride tariff by over 50% compared to the industry averages. This is the biggest reason our regular customers never leave us, stated Nagpal. The company is backed by leading angel investors from Silicon Valley & India and has a collaboration with WRI & is supported by UK Charity Shell Foundation.
About MetroRide: Founded by 2x entrepreneur Girish Nagpal & Kaaman Agarwal, MetroRide is an AI-First electric mobility platform offering first and last-mile connectivity to Public Transit hubs. The Company has built various AI & IoT-based solutions in-house to create a rinse & repeat model. MetroRide aims to make the end-to-end daily commute Affordable, Sustainable & Seamless with its multi-modal approach. The company has won several national & international awards for its innovative approach to addressing the global issue of urban mobility. MetroRide aims to target India and the USA as its primary markets and become a global player in the urban mobility sector.