PNN
Mumbai (Maharashtra) [India], December 19: WTi Cabs, a leading provider of premium cab services, is experiencing substantial growth while providing self-employment opportunities for drivers. The company, established in 2009, currently offers comprehensive transportation solutions to the corporate sector in over 250 cities across India. WTi Cabs is now planning to expand its operations internationally, starting with the launch of services in major international cities, beginning with Dubai. Ashok Vashisht, the founder and CEO of WTi Cabs, revealed that the company has obtained a car rental license in Dubai and will soon commence business operations in the city. Following this, there are plans to initiate business in other global cities in the coming years.
Service Contracts with Over 500 Companies
Ashok Vashisht discussed WTi Cabs' business model, stating that the company provides complete transportation solutions to the corporate sector, including software, manpower, and fleet services tailored to their needs. The company boasts a fleet of over 8,000 vehicles, including various models such as Innova Crysta, Mercedes Benz, MG Hector, Tempo Traveler, and more. WTi Cabs engages in long-term contracts (service contracts) with corporate clients, and currently, it has service contracts with over 500 companies, including several prominent multinational corporations from various countries. Approximately 85% of the company's business comes from the business-to-business (B2B) segment, with the remaining 15% coming from individual customers. The company operates counters at 17 airports across the country, with offices in major cities, including Mumbai and Delhi. The company's workforce has grown to over 750 employees, up from 500 in 2020.
Focus on Empowering Drivers
CEO Ashok Vashisht highlighted the company's priority of providing self-employment opportunities to drivers, enabling them to become self-reliant. Recognizing the hard work involved in driving, WTi Cabs assists drivers in obtaining loans to purchase their own vehicles. The company takes pride in having more than 12,000 skilled drivers in its network.
Rapid Growth Rate
WTi Cabs is currently achieving a rapid growth rate. In the pre-COVID fiscal year 2019-20, the company's revenue reached 204 crore rupees. Although the COVID-19 pandemic impacted revenue, it rebounded in the fiscal year 2022-23, reaching 250 crore rupees, resulting in a net profit of 10.29 crore rupees. The company anticipates total revenue of 400 crore rupees in the current fiscal year. In the first half (April-September 2023), WTi Cabs reported an income of 190 crore rupees, with a net profit of 11.33 crore rupees.
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