How SWYTCHD is supporting people to ride an electric-powered vehicle without buying one
Bengaluru-based startup SWYTCHD offers electric vehicles on a monthly subscription, which covers coverage, charging refunds, servicing, protection, and breakdown aid.
By Ishika Rastogi
Electric vehicles (EVs) can also play an essential role in the future of mobility.
The biggest impediments to the adoption of these motors on a large scale are range anxiety (the worry that the automobile will run out of gas sooner than attain the destination or charging factor) and its charge. According to an EY report, an electric vehicle costs twice as much as an ICE variant in India. The fee for an electric two-wheeler is 15% more than that of an ICE variation.
Here in lies, wherein SWYTCHD hopes to make a distinction by helping clients travel in EVs without the hassles of ownership—through a low-cost monthly subscription model.
The Bengaluru-based startup, founded in December 2021 by Sameer Arif, offers a number of EVs (both two-wheelers and motors) on a month-to-month subscription model. The subscription consists of the fee for coverage, fashionable servicing, renovation (which includes normal wear and tear), breakdown aid, and charging refunds, as much as a maximum distance of one thousand two hundred kilometers a month.
A subscription model enables clean adoption of EVs rather than proudly owning them, says the employer’s founder.
"With SWYTCHD, users can experience an electric automobile without making an investment of lakhs into it and can additionally exchange the vehicle at the end of the month if they wish to." "The version has an all-inclusive general fee of possession technique most effective for electric motors due to the fact that we want to provide smooth adoption of EVS for customers," says Sameer.
Investing in real estate with SWYTCHD is simple, convenient, and energy-efficient. It can be done from home with a little office work.
SWYTCHD has partnered with Leap as the reputable leasing and subscription associate for its Infinity scooter. Apart from this, the enterprise additionally gives two-wheelers from Ather, Rebel Motors, Hero, and Ola, and automobiles, which include Tata Tigor XZ+, Tata Nexon EV XZ+ Lux, Hyundai Kona top class, and MG ZS EV.
Addressing varied anxiety The business attempts to tackle the issue of variety tension amongst capacity customers by speaking to them and learning their desires In the founder's words, "We take the time to determine a customer's charging strategy at home, how many hours they work in an afternoon, and then recommend the most appropriate EV."
For a one-time fee, SWYTCHD makes it possible to install charging factors on the premises of consumers for a one-time fee.
In case the vehicle runs out of charge at the same time as on the street, the business enterprise helps get entry to multiple public charging stations, which include those of Ather, Kazam, Bolt, BESCOM, and Tata Power. His getting admission to the motors at Jaguar (without proudly owning them) and the increase of EVs in Europe led Sameer to believe that there had been an untapped possibility in the automobile subscription area, especially with EVs, in India. He passed his awareness in late December 2020 and plunged into entrepreneurship.
How does the SWYTCHD subscription work?
SWYTCHD works on an asset-light version; financiers buy the motors from vehicle agencies and hire them for the start. Clients renew approximately 95% of the vehicles—that is, the client keeps the same vehicle they were using. The market and competition SWYTCHD competes with rental businesses inclusive of Zoomcar, Yulu, Revv, VOGO, and Royal Brothers. The global vehicle subscription market was valued at $13.34 billion in 2021. SWYTCHD has partnered with provider providers to provide offerings in the event of an automobile breakdown. SWYTCHD collects customers' remarks on the car below and takes corrective actions primarily based on the comments.
Challenges Sameer's largest venture in his entrepreneurial undertaking is convincing people to move from possession to subscription. It also has an invite-best referral programme for SWYTCHD clients, friends, and a circle of relatives. Growth and destiny plans Even though the founder refused to disclose the company’s sales, he said SWYTCHD was unit economics positive. SWYTCHD is looking to raise seed investment to fund fleet expansion and rent. The startup is also working on an app that could provide clients with its subscription information and assist them with locating charging points nearby. "Sameer describes this as a way to control the entire backend operations as well as make it easier for customers to get into EVs and stay in them."