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TechCrunch Mobility: How Jony Ive’s LoveFrom helped Rivian and what Uber’s next-generation playbook looks like | TechCrunch

TechCrunchTechCrunch · 1m ago
TechCrunch Mobility: How Jony Ive’s LoveFrom helped Rivian and what Uber’s next-generation playbook looks like | TechCrunch
Medial

TechCrunch Mobility focuses on transportation innovation, highlighting partnerships and developments in EVs, AVs, and mobility services. Recently, Rivian collaborated with Jony Ive's firm, LoveFrom, integrating creative insights into EV design. Joby Aviation and Abdul Latif Jameel consider a distribution deal for 200 aircraft in Saudi Arabia, while Uber's management shifts emphasize autonomy and technological integration. Redwood Materials exited a costly DOE loan process, opting for private funding to further its EV battery endeavors. Various startups in AI, mobility, and logistics reveal dynamic advancements in the transportation sector.

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Evify brings last-mile delivery to non-metro cities with EV logistics

EntrackrEntrackr · 1y ago
Evify brings last-mile delivery to non-metro cities with EV logistics
Medial

India’s electric vehicle market is set to be worth nearly $114 billion in 2029 with a CAGR of 66.5%, according to a report by Fortune Business Insights. The exponential growth in the EV space comes on the back of the government focus on sustainable mobility, increased VC capital infusion in the industry, and consumers’ wide embrace. Surat-based Evify is one of the relatively new startups that is looking to stand out with its strategy to focus on logistics in non-metro cities. Founded in 2021, Evify has essentially set up a facility where riders can come to their hub, pick up an EV to start deliveries, and return the vehicle at the end of the day. The company takes care of the maintenance of the vehicles. The startup currently operates in Surat and Ahmedabad, and has facilitated 11 lakh deliveries in the last one year. We spoke to the company co-founder and CEO Devrishi Arora to learn more about Evify, the idea behind the logistics EV startup, business model, and more. Here are the edited excerpts. What do you think are the key challenges in the emobility space? Since we come from a non-metro city, where the EV eco system is still at the nascent stage, there is no infrastructure available for the smooth functioning of the vehicles. There’s a scarcity of charging stations, inconveniencing EV users. Secondly, delivery riders lack awareness of EV benefits and savings. Thirdly, high initial EV costs, compounded by elevated RTO charges in states like Gujarat, and a scarcity of repair stations inflate expenses. Fourthly, concerns about EV range and charging infrastructure persist, particularly in Tier II cities with longer distances. Fifthly, limited availability of EVs and components, coupled with inadequate after-sales service, hampers adoption. Lastly, overcoming perceptions of EVs as less reliable requires client confidence, which we foster through pilot projects. How are you using technology to solve these challenges? We have also installed all the vehicles with telematics devices which helps us to geofence the vehicles, remote immobilization, study the rider driving pattern as well as idle time pattern of the riders. This has helped us to have control on our fleet as well as the riders. We have also been creating a full stack tech platform which will help us to study the rider analytics, battery analytics, BMS , IOT data, clients data, vendor data, ancillary industry data, repairs and maintenance, charging stations, etc under one single platform. How has your startup performed since inception? We started in September 2021 with just 30 vehicles and one client in Surat ie. Big Basket. Today, we have close to 500 vehicles servicing six major clients Zomato, Swiggy, Big Basket, Bluedart, Ecom Express, Flipkart in Surat and Ahmedabad. We are also launching our operations in Vadodara soon in the coming months. We have so far raised $1.3 million from GVFl and Piper Serica as the VC investors. The target is to have a fleet of 10,000 vehicles in the coming 2 years spread across 10 cities of Bharat. What are your short-term and long term goals? Our goals for the upcoming year involve expanding our presence in the four major cities of Gujarat and achieving a fleet size of 5,000 vehicles by the end of the next financial year. Additionally, we aim to establish the necessary EV ecosystem in these cities through collaborations with other EV players, fostering synergies, and raising awareness about this segment in Tier II cities. Looking ahead, our broader vision is to evolve into a green logistics service provider. This encompasses implementing green warehousing practices and facilitating first-mile, mid-mile, and last-mile deliveries using electric vehicles. Furthermore, we intend to partner with drop delivery services to offer comprehensive mid-mile delivery solutions to our clients.

Chingari crosses Rs 100 Cr revenue in FY23; losses decline 70%

EntrackrEntrackr · 1y ago
Chingari crosses Rs 100 Cr revenue in FY23; losses decline 70%
Medial

Short-video-making app Chingari made a pivot to become a paid but private live streaming app which connects users and creators in the beginning of the ongoing fiscal year. While the impact of the pivot on its top and bottom lines will be evaluated when it reports FY24 numbers, the company’s revenue soared over two-fold in FY23. Chingari’s revenue from operations spiked 2.3X to Rs 113 crore in the fiscal year ending March 2023, its annual financial statement sourced from the Registrar of Companies (RoC) shows. Significantly, the company’s losses nosedived 70% during the last fiscal year. Founded in November 2018, Chingari used to be a TikTok clone until FY23 where it allowed users to create and post short-videos. The sale of services was the only source of revenue for Chingari in the last fiscal. In August 2022, Chingari launched its crypto token called $GARI and was set to make a debut on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, MEXC Global. The firm also roped in Bollywood actor Salman Khan to launch the NFT marketplace and reward platform. Caveat: Chingari didn’t provide revenue break-up for FY23 but it looks like most of its collection came via advertising and crypto activities. Moving to the cost side, application development formed 32% of the overall expenditure which increased by 16.3% to Rs 50 crore in FY23. Chingari’s employee benefits cost surged 3.8X to Rs 46 crore in FY23. It’s worth noting that Chingari fired around 60% of its employees in the current calendar year and is only left with 50-60 people in the team as per media reports. Chingari’s advertising cum promotional cost declined significantly to Rs 29 crore in FY23 from Rs 113 crore in FY22. The legal professional, subscription membership, rent, traveling, and other expenditures took the company’s overall cost to Rs 156 crore in the previous fiscal year. The decent scale and effective control on advertising helped Chingari to reduce its losses by 70% to Rs 42 crore in FY23 from Rs 139 crore in FY22. Meanwhile, its EBITDA margin improved to -36.3%. On a unit level, the Mumbai-based firm spent Rs 1.38 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -284% -36.3% Expense/Rupee of ops revenue ₹3.86 ₹1.38 ROCE -376% N/A Chingari has raised a total of Rs 360 crore across rounds while its total outstanding losses stood at Rs 223 crore until March 2023. Importantly, it had a total current assets of only Rs 24 crore at the end of FY23. Between short videos and crypto, it’s a tough call to pick the least promising option in hand for Chingari. While FY24 figures will reflect the impact of the Crypto winter, even as FY23 probably derived some momentum from there, it certainly makes one pessimistic about the story for FY24. On the cost front, one beauty of the Crypto business (the only one, some would argue ), is that the business no longer counts on high sales and marketing costs. In many cases, the model has moved to a revenue share with its beneficiaries , a slightly evolved version of multi level marketing schemes in fact. That might have explain the lower costs as well for FY23. Now that the firm has moved to a desi version of OnlyFans, it is anyone’s guess what kind of insights it will offer about India ‘s online audiences in due course. We are betting not many would be waiting with baited breath.

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