SWYTCHD Mobility

SWYTCHD Mobility Private Limited is a Bengaluru-based company operating in the electric vehicle (EV) market, specifically targeting the barriers of high ownership costs and range anxiety that hinder widespread EV adoption. Founded in December 2021 by Sameer Arif, the company offers a subscription-based service for electric two-wheelers and cars. The founder's background includes a decade at Jaguar Land Rover in the UK, with his most recent role as Global Head of Pricing Strategy. This experience, which included having a new company car every six months, was part of the inspiration for SWYTCHD's flexible, 'usership over ownership' model.

The company's business model is centered on an all-inclusive monthly subscription that provides customers with an EV, insurance, maintenance, servicing, and breakdown support. To address range anxiety, the subscription also includes charging refunds for up to 1,200 km per month and assistance with setting up home charging points. SWYTCHD operates on an asset-light model, where financiers purchase the vehicles and lease them to the startup. Revenue is generated directly from these monthly subscription fees, which start at approximately Rs 3,999 for two-wheelers and Rs 30,000 for cars. This model provides customers the flexibility to switch vehicles monthly or pause their subscription, appealing to millennials and Gen Z in Tier 1 cities who may prefer not to own depreciating assets.

Currently operating exclusively in Bengaluru, SWYTCHD provides a diverse fleet that includes electric cars like the TATA Nexon EV, Hyundai Kona, and MG ZS EV, and two-wheelers from brands such as Ola, Ather, and Revolt. Customers can manage their subscriptions through a dedicated mobile app that allows them to explore the vehicle selection, book a vehicle, and handle their account. The company has secured $553K in seed funding from investors including Keiretsu Forum, LetsVenture, and Venture Catalysts to fuel fleet expansion and market growth. As of March 31, 2023, the company reported annual revenues of ₹1.32Cr.

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