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DRIFE

Decentralized Ride-hailing Platform

India, Karnataka
Market: Transport, Blockchain
Stage of the project: Prototype or product is ready

Date of last change: 30.10.2020
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Idea

Drife platform is developed with the intention of solving the current concerns in the drivers’ community, alongside enhancing the quality of rides for the customer. What we’ve created in the DRIFE ecosystem is a new paradigm for the ride-hailing industry. The platform deals with a whole new economic model and can incentivize all the value creators equally. Our product in no way undermines the need to circumvent the obstacles of a bureaucratic world, however, our solution in its own way creates an organic system for the ride-hailing industry to thrive well on the internet.

Current Status

In Development, Network of 1000 drivers

Problem or Opportunity

On 13th of February 2018, Our CEO Firdosh booked an Uber to the airport late at night, After getting into the cab, the driver politely asked her if she can cancel the ride and still he will take her to the airport at price lower than what she was paying to Uber, Although Firdosh didn’t cancel the ride, and took uber, She asked the driver about the reason for taking a low fare. That was the first time when Firdosh came to know about the problems faced by drivers in the name of a huge commission. Firdosh decided to dig deep into the problem and work to solve it for the whole driver community. She started speaking to every driver she was travelling with. After speaking personally to almost 300 drivers in a span of 3 months, she decided to work on this problem herself, and conducted driver and rider survey and decided to build something which can solve the problem for both the driver and rider community as a whole.

We don't come fr om ride-hailing background, but after our thorough research and gathering a team who is as passionate as our founders, We fill we are fit to solve the problem.

From our survey, we found 74% of drivers earning less than the minimum wage in the state wh ere they operate.

62% of drivers feel stuck in this business model of the ride-hailing platform and said all alternatives works in a similar fashion

52% of the driver said even though they are working for long hours their earning have reduced over time due to increasing commission % and declining incentives

78% of drivers said they want more ownership over the fare that the rider pays.

53% of the driver said uber/ola does very little for driver safety.

71% of drivers would like to know more details of rides before accepting the request.

68% of riders said uber/ola customer care services are unacceptable

50.9% of riders said that the wait time for a driver has increased to 12-15 mins due to multiple cancellations

83.3% of riders are not happy with surge price

51.9% of rider doesn’t feel safe while taking a ride at night

44% of riders are not happy with the price they pay for the ride

39% of riders faced the issue of the driver cancelling the ride after asking about drop location.

We have realised all the problems that the driver and rider face are due to the centralized structure in place. Ride-hailing platform works on a very broke business model of monetizing and prioritizing profit over its driver, riders and people at large

Solution (product or service)

Drife is a true “zero commission” platform. Unlike other popular ride-hailing services, our drivers earn what they deserve.

We provide drivers with the option of offering a price for a ride. Riders can choose the ride, depending on offered rates.

Everyone can earn incentives for active and helpful participation in the community.

Competitors

While Uber continues to be the dominant force in market, other players are also closing in:
Ola currently has over 2,000,000 cars in its network across 115 cities.

Ola being the local player in India and has maximum Market share ,thus remains our biggest competitor

Advantages or differentiators

DRIFE not only allows quality services in terms of drivers but also lays emphasis on the authenticity of their identity. The same is true for the riders, the quality of service of the drivers is rated and are rewarded accordingly. Thus, with great conviction, we see how a community-based approach to ride-sharing can be realized through DRIFE, which in this respect, beats all its peers in terms of scalability and incentives. Every stakeholder is equally important for the ecosystem to sustain and flourish.

Finance

DRIFE works on the subscription-based model, where every driver-partner must pay annual fees for the continuous access of DRIFE mobile app.
This fee can be paid monthly/quarterly/semi-annually/annually.
We have 3 types of Subscription plans that a Driver and opt for based on their preference.
Total revenues will grow from a base of approximately $9,000,000 to over $862,000,000 by year five of operation. These gains are a direct benefit of the subscription-based model from our driver-partners, as well as advertising related to the growth of our business.

Money will be spent on

Product development

Offer for investor

26% equity for $500,000

Team or Management

Incubation/Acceleration programs accomplishment

AE VENTURE- Starfleet India

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Photo 1 - Decentralized Ride-hailing Platform

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video