RodBez Shark Tank India Episode Review : Transforming Bihar’s Taxi Services

Episode Date: 24/Jan/2023 – Season 3

RodBez Shark Tank India Founders: Dilkhush Kumar and Siddharth Shankar Jha

RodBez Shark Tank India Business Overview:

• Launched in July 2022, RodBez focuses on organizing Bihar’s unstructured taxi services.
• Aims to save riders ₹2,000 to ₹3,000 per travel and help drivers earn an additional ₹10,000 to ₹15,000.
• Asked for ₹50 lacs for 5% equity at a ₹10 Cr valuation.

RodBez Shark Tank India Investment and Valuation:

• Mithila Angel Network invested ₹46 lacs at a ₹4 Cr valuation.
• Monthly commission earning per taxi for RodBez is ₹20,000 with a 20% commission rate.
• Offers cost-effective one-way taxis (40% cheaper) and taxi pools (60% cheaper).

RodBez Shark Tank India Challenges and Goals:

• Targeting 2,000 rides per day for a turnover of ₹75 to ₹80 Cr in commission.
• Faces a supply challenge, currently fulfilling only 35-36 orders out of 100.
• Monthly burn is ₹1.5 lacs with ₹4 lacs in the bank.

RodBez Shark Tank India Shark Responses:

• Anupam: Skeptical about scalability based on his industry experience.
• Ritesh & Vineeta’s Offer: They offered ₹20 lacs for 5% equity and ₹30 lacs as debt at 12% interest for 2 years at a ₹4 Cr valuation.
• Aman & Peeyush Bansal: Denied as they found the existing offer more favorable.
• Deal Closure: Accepted the deal with Ritesh and Vineeta.

RodBez Shark Tank India Web Presence:

• RodBez Website
• Over 4,000 website visitors monthly with 25 keywords.
• More than 1 lac downloads on Google Play Store.

RodBez aims to revolutionize Bihar’s taxi services, making them more affordable for riders and lucrative for drivers, with a promising partnership with Ritesh and Vineeta.

RodBez: Revolutionizing Bihar’s Taxi Landscape on Shark Tank India!

In the exhilarating Season 3 of Shark Tank India, a dynamic duo from Saharsa, Bihar, caught the attention of both sharks and viewers alike. Launched in July 2022, RodBez, founded by Dilkhush Kumar and Siddharth Shankar Jha, is on a mission to transform the unorganized taxi services in Bihar.

Addressing the Chaos: RodBez aims to bring order to the chaos of Bihar’s taxi scene. Their model not only benefits riders, saving them 2 to 3 thousand rupees per trip, but also empowers drivers with an additional income of 10,000 to 15,000 rupees.

Shark Tank Ask: With a bold ask of 50 lakhs for a 5% equity stake at a 10 crore valuation, RodBez faced a crucial moment. The Mithila Angel Network saw the potential, investing 46 lakhs at a 4 crore valuation, signaling confidence in the venture.

Current Operations: Currently, RodBez operates 20 taxis for intercity travel in Bihar, ensuring a commitment of 45,000 rupees profit to each taxi driver. Their unique commission structure allows them to earn 20,000 rupees per taxi per month, boasting a competitive commission rate of 20%.

RodBez Advantages: RodBez disrupts the market with compelling advantages. Their one-way taxi service is 40% cheaper than the market rate, and the taxi pool option is a staggering 60% more affordable for travelers. Adding to this, they promise compensation if a flight is missed due to a taxi delay.

Ambitious Targets: With an ambitious goal of achieving 2000 rides per day, RodBez foresees a substantial turnover of 75 to 80 crores in commission. However, they face a challenge in the supply chain, receiving 100 orders but fulfilling only 35 to 36 orders per day.

Shark Tank Drama: In the Shark Tank den, Anupam expressed skepticism due to concerns about scalability in the mobility industry. Aman and Peeyush Bansal declined, having seemingly better offers on the table. However, Ritesh and Vineeta seized the opportunity, offering 20 lakhs for a 5% equity stake and an additional 30 lakhs as debt at 12% interest for two years at a 4 crore valuation. RodBez closed the deal with Ritesh and Vineeta.

Digital Presence: RodBez has a notable digital footprint. Their website (https://rodbez.in/) attracts around 4000 visitors monthly, leveraging just 25 keywords. The RodBez app has garnered over 1 lac downloads on the Google Play Store, underlining its popularity and user adoption.

RodBez, with its innovative approach and commitment to transforming Bihar’s taxi ecosystem, has not only secured a deal on Shark Tank India but is poised for significant growth and impact. As they continue to address supply chain challenges and expand operations, the roads ahead seem promising for RodBez.