The total number of registered motor vehicles on Indian roads reached 172 million in March 2013, out of which cars made up a substantial volume of this number. On one hand India is seeing a rise in on demand cabs and car rentals, and on the other the number of automobile purchased is also growing. In order to cater to the need of vehicle maintenance for users in both the segments four IIT-Guwahati graduates came together to work on technology to take automobile maintenance to another level of convenience. The result of this is a mobile app CaRPM.
CaRPM connects to ones car and gives a detailed description about the car’s well-being. From how to drive on a certain path to maintaining fuel costs, CaRPM makes sure ones get everything relevant information about their vehicle’s health.
Founded by Abhishek Maitreyi, Ankit Yadav, Lovish Choudhary and Jeevan Rathod, CaRPM also has linked itself with local car repairing and servicing centres to tell its users when their cars need what service, the most. When asked about the same, Abhishek quoted, “All of us believe that data is the new fuel. If we ask the right questions, analytics can help bring in a lot of efficiency in our daily processes.”
Leaving full time jobs to innovate and work towards something new, calls for a big change. The company founders left their jobs to work on the app, which was launched last month. In coming future, the app would be able to predict the upcoming problems with the car, explains Abhishek.
The app comes with an OBD (On-Board Diagnostics) scanner; most of the Indian cars manufactured after 2010 and foreign manufactured cars after 1996, comes with an OBD device to track emissions. The app uses this technology to scale more information about the vehicle and informs the user about the same.
After each drive, the app gives user a score based on their driving performance. This feature makes the driver of the car drive more carefully and also the scores can be shared, so that friends can race on it too.
Monetisation & Funding
The app is absolutely free for all users. One of the key sources of revenue is the analytics and fleet management solution that the company provides to fleet operators.
It has raised $100,000 which comes with joining the accelerator program with GHV. CarPM plans to expand the tech department to boost innovation, add more options to the app.
When asked about the traction details, Abhishek quoted, “We have about 300 active users, apart from that, we have tied up with fleet operators in Gurgaon as well.”
Market Size & Competition
The fleet management market is driven by the rising global concerns on environment and increasing need for operational efficiencies in fleet sector. The market is expected to grow from $8.03 billion in 2015 to $22.53 billion by 2020.
CaRPM faces competition from CarIQ, Zene and Pheonix, in the Indian market. Most of these companies produce their own OBD scanner, which makes the product expensive to buy. On the other hand, CaRPM works with any generic scanner and makes the product cheaper.