Uber’s presence in India is never meager. Though its headquarters are located miles and miles away, this ridesharing app in the South Asian nation has been making significant strides.
According to Uber India official’s Economic Impact Report, not only has over a whopping one million drivers have signed up to use the platform, but there are also 84 percent of Indians who say “that the Uber app has improved the quality of transportation in India.”
Quite remarkable. Then, there are also Uber India’s major competitors like Ola that’s offering something new to the table. Ola, which could be a wordplay for the Mexican term that means “hey,” is a big Indian transportation company that provides ridesharing services, as well as operates other business verticals, such as for Indian consumers.
Now, there’s a new taxi service that wants to also be seen under the spotlight. That’s Bharat Taxi.
What is Bharat Taxi?
Ridesharing Media are all one saying that this new taxi service in India is set to change the way Indians book their rides, since apparently, even Uber India is not perfectly serving some of the country’s citizens.
Bharat Taxi is backed and supported by the National Cooperative Development Corporation, an authoritative corporation set up in the early 1960s.
Aside from this support, the taxi service also has backing from seven other leading Indian cooperative institutions, particularly Amul, NDDB, NABARD, IFFCO, KRIBHCO, NAFED, and the National Cooperative Export Limited.
Capital, operations
These institutions have raised and committed a whopping $9 million out of an authorized capital of $34 million. By working with them, Bharat Taxi could operate around Gujarat, Maharashtra, Delhi, and Uttar Pradesh. It is also considering onboarding 200 drivers across four states.
The idea of Bharat Taxi is to provide Indians and tourists not just with service, but also opportunities to co-own the business, that’s right. And, by looking at the market performance of the Indian ridesharing industry, these opportunities are promising.
The media reported that taxi services will grow from a $20.5 valuation in 2024 to over $61.5 billion by 2033, offering urban consumers convenience and affordable transport.
The change Bharat Taxi will offer
Bharat Taxi has been invested in and is poised to tackle the market with flying colors. However, problems around exist, such as the rising platform commissions, opaque algorithmic rules, earnings uncertainty, and limited access to social protections.
Is Bharat Taxi ready to take those on? It is. This service carries a business model wherein drivers become shareholders, complete with governance rights and a direct claim to future surpluses. Not even Uber has this business model.
Furthermore, it is slated to set itself apart by collaborating with technology and real individuals to govern its operations. Under this structure, members and shareholders can vote, so key decisions are made transparently and collectively. This differs from the big platforms’ systems, wherein decisions on pricing, incentives, and penalties are solely determined algorithmically.
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