ELEC
ELEC's mission is to create an ecosystem (e-mobility hub) where users, individuals, and businesses, have unique experiences and business opportunities based on ridesharing, renting, and charging. Thus, through the ELEC app, users can rent electric cars, request electric car rides, and find and use fast charging stations across Europe.
€210.300 of €200.000 raised
105%
How did it all begin?
In an ever growing quest for a greener and more sustainable future, our ride sharing company, ELEC, was born with the sole purpose of providing eco-friendly, affordable and comfortable rides to our customers.
Drivers:
•Sustainability Goals: We are actively contributing to a more sustainable urban ecosystem.
•National Brand: We seek to prove that Romanian companies can thrive and go head to head with major global players. We believe that the Romanian entrepreneurship spectrum is still providing the most prolific space for new business to come to life. (TBC)
•Superior Products: Operating a fleet of new cars (2020+) with professional drivers at fair market prices, we’re offering our customers a 100% green and more comfortable option to enjoy rides while remaining environmentally conscious.
Motivators:
•Market Opportunity: We have identified a demand in the Romanian Ride-sharing market for a better quality service as a consequence of the current players focusing more on quantity vs. quality. (i.e. aged car fleet)
•Cost Efficiency: EVs have a low operating cost in terms of fuel and maintenance expenses compared to traditional combustion engines which can, in time, lead to improved profitability and long term sustainability.
•Brand Differentiation: We are the first company in Romania and CEE to fully rely on 100% electric cars to provide ride-sharing services. We strongly believe that the EV market in CEE is in its initial stages and there will be many opportunities to be explored into this space.
Business Mission / Concept
WHAT?: ELEC is a “win for all” company. We generate wealth for our investors, we offer flexibility for our drivers to work their own schedules and benefit from increased sources of revenue, we offer superior service for our customers and last but not least, we are committed to creating cleaner air and a more sustainable environment.
WHY?: With a focus on customer satisfaction and innovative technologies, we aim to redefine the way people travel, inspiring communities to embrace electric mobility and contribute to a cleaner, healthier planet for the generations to come.
Business highlights & achievements
ELEC has established partnerships with key players in the automotive and renewable energy sectors. These collaborations have allowed ELEC to expand its charging network, to grow operations and to offer a better UX for both drivers and customers while increasing the revenues streams.
Product / service
Our business is structured as an electromobility hub, operating 3 main streams:
•Ride-sharing: We are providing 100% green urban transportation services in Bucharest. Fully Operational
•Charge: We are currently providing charging services in Bucharest for the retail market and for our own fleet, thus reducing our operational costs. Fully Operational
•Rent: We aim to provide short term rentals with 100% green cars. Planned for Q1 2024.
Business Model
1.Ride-sharing: The gross revenue stream from the ride sharing product is divided into two categories:
•Rides: We charge a % fee from each trip.
•Fleet renting: Owning our own fleet we rent our cars to the drivers for a fixed weekly rate.
2.Charge: The gross revenue stream from our charging stations is determined by the difference between our acquisition cost for kW vs. the selling price towards retail and towards our fleet partners.
3.Rent-a-car:
Market Highlights
1.Emerging Market: The ride sharing market in Romania, is still in its early stages, especially for the EVs segment. However, it has been experiencing steady growth in the past 5 years.
2.Customer Profile: With more and more multinational corporations being present in the Romanian business landscape, we are primarily targeting, but not limiting ourselves to young - mid aged environmentally conscious customers from the corporate world.
3.Dynamic Pricing: The ride sharing business in Romania promotes the so-called “dynamic fares” in peak hours, based on driver availability and traffic conditions. ELEC is promoting a FIXED RATE / km according to different time slots, so the customers won’t encounter any unexpected fare adjustments.
4.Quantity vs. quality: Our main competitors have been focusing their efforts on scaling up their business in the Romanian market in terms of volume (increased # of drivers, # of cars and # of partners) overlooking the product improvements in terms of comfort and driver quality. ELEC aims to solve those problems by putting the customer first therefore creating a superior product vs. the competition.
Competition
•Uber: US based ride-sharing company, first of its kind, currently dominating the global landscape.
•Bolt: Estonian start-up electromobility company that has risen to be a major player in the EU and Africa.
•Black Cab: Romanian premium “ride on demand” company operating high-end vehicles at above market prices.
•Traditional Taxi Companies: Traditional taxi companies offering a “price / km” transportation service, usually operating out-dated traditional vehicles.
Business traction
•Customer Acquisition: 10k+ users since going live in Bucharest.
•User engagement: 50% of our registered users have used ELEC more than once.
•Market Share: We are currently have up to 5000 rides per month, with a plan to reach 10% by Q4 2027
Goals & future roadmap
•App-development: In order to provide better UX for our customers as well as better analytics and insights for internal purposes, we plan on revamping our software and to further build new features for charge and rent business lines.
•Marketing: Increased offline and online presence to gain traction in terms of brand awareness
•Customer and Driver Acquisition: Running bonus campaigns in order to increase both our supply and demand acquisition.
Find us on:
https://www.linkedin.com/company/elec-romania/
https://www.facebook.com/elecrideshare
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