Founded in October 2014, Noida-based
Mind Your Fleet is a SaaS deployed platform, providing cloud-based fleet management.
MYF provides multi-currency, multi-lingual solutions that address the complex needs of car rental companies grappling with a pending transition to the digital age. At its heart, MYF is a collaborative tool for car rental companies to manage their businesses efficiently, promote services effectively and distribute inventory in a more seamless manner. The company’s long term vision is to become a global integrated transport and logistics ecosystem.
FoundersIn October 2014, 53-year-old Malvinder Singh Rikhy, and 35-year-old Jitender Arora co-founded Mind Your Fleet. Hailing from Delhi, both of them share some common interests in the travel, hospitality and transportation industry.
Malvinder is the former CEO of Kouni Business Travel, former COO of Indian Hotels, and has 25 years of experience in the travel industry.
Jitender is a passionate entrepreneur, and Mind Your Fleet (MYF) is his third venture in the travel and hospitality space.
Unique Key Services -A SaaS-based platform that enables a car rental company to manage their complete end-to-end business including inventory, customers, operations including bookings, accounting and invoicing.
-Supporting all service types that a car rental company may have including Point-to-Point, On-demand, Outstation, and other complex travel packages.
-A platform for car rental companies to connect with other car rental companies, enabling fleet sharing and expansion on a real time basis
-A platform that allows Hotels, Aggregators and Corporates to connect with car rental companies directly for their car needs
Funding StatusMYF has recently closed its Angel round of funding. Currently, the startup is in advanced talks with several potential investors for its Series A round.
DifferentiationMYF provides an end-to-end technology solution for a car rental company to manage their operations and retail/corporate customers in a seamless manner. While speaking about the company’s differentiation factors, MYF’s founding team stated, “At the heart of our product, is our proprietary B2B marketplace that lets fleet owners access each other’s inventory in real time, and connect with several demand side players (OTAs, Corporates, Hotels) integrated onto our platform, thus promoting higher utilization and cross utilization of assets.”
MonetizationMYF offers a SaaS based service, and it charges a one-time set up fee and a fixed fee/percentage fee per transaction which varies by booking type. The company currently have 50+ paying customers.
Future PlansMYF’s primary focus is the car rental/ taxi space in India and it will remain its core business focus for the short to medium term. “However, extensions to our product which we are already working on include solutions for the delivery and logistics space. We also plan to launch more modules to our product including self-drive, long-term rentals (LTR) module and employee transportation system modules. In addition, a complete revamp of the UI/UX for many of our apps will be completed which will further drive user engagement.
Our solutions are built on a multi-currency, multi-lingual architecture so we will expand internationally and adapt as necessary to those market conditions. We are getting a lot of inbound interest from international clients and we hope to gain further traction in this area in the next few quarters,” added MYF’s founding team.
Market SizeAccording to Red Sheer Consulting (2014), the Indian Taxi Market is a $9 bn in Revenue Market, split between $500 mn Organized and $8.5 bn unorganized. MYF’s solutions are targeted towards the unorganized market that is grappling with a seismic shift in their traditional business model due to the ubiquity of technology adoption by the end customer. It essentially provides them with the tools they need to stay relevant and compete in the reality of the new asset light world.
