Figgo Innovations Private Limited

In their own words

Business Model:- FIGGO is based on B2C model. It has two types of customers as below: 1. Users – Minimum 5% profit on every intercity booking and 10% on intra city bookings. 2. Partners – By recharge coupon starting from Rs.49/- to Rs.9999/- based on KMS. (Expecting approx.5 Lakh partners throughout India by the end of 2023 consisting all the travel/transport segments) Market:- After working practically in a limited area on test mode for the last 2 months, we assume @ 50000 rides per day after launching. It will be multiplied every month on a higher rate. Competitors:- In some of the segments we have many competitors in the market like Ola, Uber and Rapido. There are many segments which FIGGO has taken initiative of and there is no competitor for us as such. We will be the first in Indian market to introduce such type of services. Execution Plan:- Below mentioned are our strategies to execute the plan: Stage-1 FIGGO has already started the online social media advertisement campaign for partners. Stage-2 To get bucket of drivers throughout India, FIGGO is collaborating with various registered cab/taxi/drivers unions. Stage-3 To open state and district wise offices throughout India, out of which in approx.18 states we have already opened. Stage-4 Will start advertising online and offline for customers Stage-5 From March 2023 onwards will start selling packages online and offline through sales and marketing team PAN India for which hiring/interview are going on. Stage-6 Will introduce 25% of electric vehicles for all segments with the passage of time and also as per Govt. rules Traction It took hardly two months for us to convert proprietorship firm to a private limited firm after seeing the overwhelming response from the public and drivers. Not only this, when cab/taxi union leaders came to know about our concept they rushed and approached to get associated with us. After association they themselves are promoting our app. Use of funds:  15% Product Development  55% Marketing/Sales  15% Operation Inventory  15% Legal/Others Financial:  Year 2023 One time collection – 50 Cr. (25% of which will be used in advertisement) Turnover – 360 Cr. Approx. Expenses – 324 Cr. Approx. Balance – 36 Cr. Approx. Tax @30% - 10.8 Cr. Profit – 25.2 Cr.  Year 2024 One time collection – 100 Cr. (25% of which will be used in advertisement) Turnover – 500 Cr. Aprox. Expenses – 450 Cr. Aprox. Balance – 50 Cr. Aprox Tax @30% - 15 Cr. Profit – 35 Cr Management:- MD:- Mr. Ravindra Sharma  18 year experience in Education Department, UT, Chandigarh  10 year experience in taxi business  20 year experience in branding and advertisement  Good amount of IT and Technical knowledge MD :- Dr. K. L. Mittal  Retired Indian Air Force Officer  Ph.D. In Sociology  22 year experience in printing, branding and advertisement  3 year experience as a motivator  2 year experience in taxi business  IT and Technical knowledge

Written by the company on its public Startup India profile. Not verified by us.