Standardizing Vehicle maintenance
Pitch us on your solution
There are 4 Million vehicles in Bangladesh, but there is absolutely no standard in vehicle maintenance. It's unstructured and fragmented not only in Bangladesh, but also world wide.
With Zantrik, we are setting standard in maintenance to solve this age old problem. We are developing a structured automotive maintenance platform that offers standard in service and pricing, convenience like home service or roadside assistance, and quality with long term standard warranty.
This would not only enable vehicle owners to get seamless and standard maintenance service, but also will help service providers build a sustainable business. This would also bring benefits to every stakeholder in this industry in the long run, and make better lives for millions of people.
Right now we are operating in Bangladesh, but our mission is to build a universal vehicle maintenance platform to change the automotive maintenance industry in developing countries around the world.
Film your elevator pitch
What is the problem you are solving?
We are re-defining the automotive maintenance industry by developing a structured system, at present which is unstructured, inconvenient and costly.
There are 4 million vehicles in Bangladesh, and the number is growing 20% per year (As per BRTA). As per our findings, almost all of the vehicle owners and maintenance industry related stakeholders are suffering due to the fact that there is no reliable one stop platform that can fulfill their needs in a standard manner. Also, there is no reliable system to reduce system loss, improve earnings, utilize idle automotive resources and thus offer more cost effective and convenient options for consumers.
20 Million people directly affected (Vehicle owners and stakeholders in automotive industry and their family members)
180 million people indirectly affected (Everyone needs transportation)
Few important facts:
1) 95% cars in Bangladesh are used (Re-conditions), these have huge maintenance needs round the year
2) About 50% cars are in Dhaka, which is known to be a city of huge traffic. It's difficult for people to go to garages for regular vehicle maintenance
3) Number of vehicles are increasing rapidly (20% on an average every year)
4) 90% vehicles are driven by drivers
Who are you serving?
We are primarily serving vehicle owners, garages and drivers.
We identified their pain point of garages:
1) They invest a lot to set up garages, but they often are forced to relocate and lose their existing customers, and they have to start from 0
2) It's difficult in Dhaka to manage enough space (Bigger space can serve more customers at a time)
As a result, they try to charge higher price to their customers to reduce their investment risks.
We also interviewed the drivers and found that they earn low (About $200 per month, not enough to bear their monthly expenses). As a result, they try to earn money unethically from each maintenance work or refueling transactions.
And we obviously interviewed a lot of customers and identified their pain points:
1) Maintenance service lacks quality and standard
2) No convenience available (They don't want to go to garages through huge traffic)
3) If their vehicles are troubled on road, no roadside assistance available
We analyzed all these pain points and designed a solution that works for every one of them. Customers can get convenient and standard service, garages can build a sustainable business and drivers would earn more.
What is your solution?
We created a platform which can be used by both customers and service providers to ensure their benefits.
At present we are standardizing garages with a franchise model that offers standard price, insured service and convenience like flexible payment, home service and roadside assistance.
Soon we are going to provide cashless refueling service to vehicle owners (Vehicle owners can place refueling requests and their drivers can refuel from the assigned refueling station without having to pay any cash).
Also, we will create an hourly based driving hiring platform so that vehicle owners don't have to employ full time drivers, and drivers can earn more than they earn now
Our customers can download our app and place their service request using the app. They can also call our 24/7 hotline.
Service providers also can download the app and signup as a service provider. However, we do a verification process of each service provider, and we also give then training and supervise and rate them to make sure that they follow our quality assurance and standard procedures.
Based upon the rating of the service partners (Platinum, Gold, Silver) we determine the amount of traffic to generate to them, and also that determines the commissions they should earn from each transaction (Platinum earns most commissions, while silver earns least).
Select only the most relevant.
Where our solution team is headquartered or located:Dhaka, Bangladesh
In which sector would you categorize your solution?
Describe what makes your solution innovative.
We believe, the real innovation is not in the ideas, but in effective execution. Here is why we are effective, and hence innovative.
1) Instead of fixing the symptoms, we identified the root cause of each major problems, and focused on solving those root problems first.
(For example, we identified why service providers tend to charge high to their customers, and we designed solution so that they don't have to charge high)
2) Our platform is designed in a way that will not only build business for us, but will help every stake holder in this ecosystem.
(For example, we designed a product that will help vehicle drivers increase their monthly income by twice or trice)
3) Our system is designed in a way, that is scalable, and at the same time that can provide better outcome.
(For example, we have designed custom micro insurance products attached to each maintenance service, that ensures damage/warranty coverage round the year. Also, we are branding verified garages as "Zantrik garages", who offer insured services to their customers through us, and pays us commissions)
Also, we are implementing marketing strategy that will enable us to acquire our customers at zero cost, yet will generate sales for each customer. Also, we believe with such a scalable platform we can expand in other countries and go global.
Why do you expect your solution to address the problem?
1) We have grown significantly since our launch just 1.5 years back, maintaining a steady sales growth of 25% per month.
2) We were the mostly awarded startups in Bangladesh in 2018, including National ICT award championship, Innovation award championship and also APICTA award from China.
3) Our customer satisfaction rate is 95%, which is very high, as per our internal feedback mechanism
4) We've raised three rounds of funds since our launch (From local and international), and now in the process of raising for 4th
5) We were selected to participate the first cohort of Accelerating Asia Singapore, after rigorous verification from among most countries in South East Asia
These all indicate we are on the right track to achieve our mission.
Select the key characteristics of the population in Bangladesh your solution serves.
In which countries will you be operating within the next year?
How many people are you currently serving with your solution? How many will you be serving in one year? How about in five years?
1) Number of people we are serving: 18,000 (Directly)
2) Number of people we will serve in next 1 year : 100,000 (Directly)
3) Number we will serve in 5 year : 5 Millions (Directly), 50 Millions (Indirectly)
What are your goals within the next year and within the next five years?
Next one year goal
1) Implement BARVIDA project (To create digital profile, and to sell Zantrik maintenance package for each new vehicle sell)
2) Implement cashless refueling (To reduce system loss in refueling process)
3) Acquire 100K new active customers
Next 5 years goal
In addition to next one year goal, following are the goals
1) Implement on demand hourly driver platform (To ensure drivers can earn more, and also vehicle owners can hire a driver on demand)
2) Implement BRTA project in partnership with Goverment (To ensure every maintenance work goes through our platform)
3) Implement vehicle rental platform (To ensure vehicle owners can maximize the use of their idle automotive resources)
4) Implement Parking sharing platform (To ensure vehicle owners can share their parking space, and also can avail on demand)
5) Implement vehicle sell marketplace (To ensure vehicle owners can buy/sell and arrange finance for their vehicles in a realiable and convenient way)
6) Expand in 3 other countries
What are the barriers that currently exist for you to accomplish your goals for the next year and for the next five years?
1) Vehicle owners
Since our primary customers are vehicle owners, a great challenge is to ensure real seamless experience with service quality assurance with justified price.
2) Vehicle drivers
Since we are implementing a structured vehicle maintenance platform, this will reduce earnings for drivers, because their "additional income" will be reduced (which they earn by cutting a commission from each maintenance and refueling transactions).
3) Garage owners
The more garage owners depend on us for their business, the better we can build and grow. So, we need to be able to make them exited and happy with us.
We will need a lot of funds, since we will continue to grow and disrupt this industry with various new projects and
How are you planning to overcome these barriers?
1) Vehicle owners
We are working with insurance aggregator to custom design micro insurance product that can be attached to each automotive service, to ensure year long service coverage. Also, we are developing a universal pricing model which can be followed by our partner garages/service providers. Besides, we are developing a quality assurance process that is scalable, and reliable. All these will result in better customer experience and satisfaction.
2) Vehicle drivers
We will develop an hourly job platform for drivers. This will enable them to earn more in an honest way, and will make them happier with our platform.
3) Garage owners
We are developing a CRM solution for them, which they can use to track their works, maintain accounts and also to provide better service to their customers, and retain more customers by ensuring better customer happiness.
We are in discussions with a number of Angels and Venture Capital Funds (Local and international) for managing funds
Select an option below:For-Profit
How many people work on your solution team?
36 full time
For how many years have you been working on your solution?
Why are you and your team best-placed to deliver this solution?
Founder and Co-founder, both are classmates and friends for 20 years.
Founder is a serial entrepreneur, with 16+ years of experience in tech industry.
Co-founder is also a serial entrepreneur, with 16+ years experience in management and operations.
Zantrik is not their business any more, it's their "Life mission".
Also, we have positioned some great resources in our key positions. Our head of business has experience of working for business development for at least 10 startups (Through agencies that he used to work earlier). Also, our head of automobiles is a car enthusiast, has years of hands on experience in automotive maintenance.
Our tech team has some of the best tech developers in the country.
Besides, our customer support team is deeply trained to have deep domain expertise in this subject matter (automotive), and almost all of them has previous customer support experience.
These all make our team the best one to deliver this solution.
What is your business model?
As per our business model, we generate business for the following entities, and earn from them as follows:
1) Service providers (For maintenance works, we charge 20% commissions from each maintenance work transaction)
2) Refueling stations (For cashless refueling, we will charge 2% commissions from each refueling transaction)
3) Drivers (For hourly driver jobs, we will charge 10% to 20% commissions from each job's transaction)
4) Vehicle owners (For rental and sales platform in future, we have plans to charge 5% to 20% commissions from each rental/sales transaction)
What is your path to financial sustainability?
Primarily from our revenue, and secondly, from raising investment capital
We need to raise USD 2 Million within January 2020, and then need to raise another USD 10 Million in July 2021.
As per our financial model and future projection, we will reach break even within 2022, and within 5 years we will generate a minimum of 500 Million USD yearly business (Based upon a conservative approach).
Why are you applying to the Tiger Challenge?
1) Get investment and exposure
2) Connect with potential mentors and strategic partners who can help us out build our business better and faster
What types of connections and partnerships would be most catalytic for your solution?
Muhtasim Mahdi Al Farooque Shubho Mr, Zantrik Limited