Welcome aboard as we navigate through the fiscal year of Let’s driEV and oversee how our affordable electric-bike sharing vehicle company has worked its way up with your support and trust over the past year, positioning us where we stand today.
The shift towards sustainable transportation has accelerated in recent years, driven by environmental concerns, government incentives, and technological advancements. Let’s driEV has been riding this wave, capitalizing on growing consumer demand for eco-friendly mobility solutions. Having added 4 new community stations last year along with piloting in one residential community, we stand at 8 community stations across Bhubaneshwar. Along with this, we are excited to share that we have established pipelines for expanding to include 3 new college campuses in Bhubaneswar, further expanding our presence in the EV-ride sharing platform.
One of the key highlights of Let’s driEV’s fiscal year was its robust revenue growth. The company’s increased market penetration, expanding product portfolio, and strategic partnerships has taken us to a revenue of 2.65 Crores last year. Our team’s effort in providing service excellence to our existing B2B clients has helped us retain our partnerships, ensuring revenue growth. Our growth partners SIDBI, MBSI, Oliphans Capital and Ecofy have helped us leap ahead in our sustainable journey. Ather, TVS and SES, our vehicle partners have trusted in us and have empowered our vision with top-tier two-wheeler variants.
To maintain profitability margins, we have worked together to reduce overdue payments by 65% through diligent follow-ups and process enhancements. With a younger demographic as our primary customer base, we are also able to reduce the delinquency rate by 80% with IoT and tracking mechanisms, thus eliminating revenue loss loopholes.
Let’s driEV has been proactive in pursuing strategic initiatives and partnerships to nurture relationships within our sustainable journey. Right from establishing relationships with startup ecosystem partners to foster our growth, participating in major eco-friendly gatherings in and around Odisha has increased our brand visibility.
Key takeaways for Investors from FY 2023-24
Our small step towards reducing CO2 emissions has been embraced by the colleges, resulting in significant reductions in CO2 emissions, as shown in the college reports. Have a look at how much CO2 was saved by each college by driving Let’s driEV in their campus.
Our customers and their trust in us is the reason why we are here! While we work towards serving you better everyday, let us together build a sustainable and better place to live in.
