Chandigarh-based share-mobility platform Fico mobility announced on Monday of raising an undisclosed amount in seed funding from investment firm SR Consultancy Services.
Harjeet Singh, Founder, Fico Mobility, in his statement said that his company plans to utilize these funds in upgradation and expansion.
Fico Mobility started in 2021 is a self-drive car-sharing platform. The company offers easy and hassle-free solutions to some of the most common problems faced by urban commuters, by offering them to choose share mobility, a mode of transportation that is more affordable, reliable, clean, and efficient.
“During the last few decades, India has seen an unprecedented boost to its urban infrastructure, particularly its mobility system. Despite that, the urban centers are under tremendous pressure due to our cities witnessing an increase in private vehicles and lesser use of public modes of transportation.
At Fico mobility, we are addressing these growing challenges by enabling efficient asset utilization by transitioning from a model of ownership of private assets to users of shared assets.” Harjeet added.
At Fico mobility, the rides are cost-efficient and hassle-free. The mobile application can be downloaded from Google Playstore and Apple Store. After a quick signup, the user is ready to share any car of his/her choice without worrying about its maintenance, fuel, or insurance. The company hosts pre-owned cars from all segments on its platform and offers users to share them on a short to long-term basis.
The car owner (host) can get on board by following a quick process. Being a part of the FICO ecosystem comes with many perks. It not only helps the host to mitigate the depreciation cost of the car but also creates a second stream of income with it.
The company intends to create a cohesive ecosystem where the hosts (car owners) and users can be seamlessly connected through data for an improved user experience.
The company also highlighted the untapped potential of India’s shared mobility market. The segment was valued at $1,025.8 million in 2019 and is expected to grow at a CAGR of 56.8% during the forecast period (2020–2025).
Founder Harjeet Singh looks very optimistic about the future. He said, “We are moving towards a smart city culture. Apart from these optimistic numbers, the fact that people are slowly moving away from a typically costly, inequitable, and inefficient way of owning a private vehicle that makes this segment so promising.”