RideOX offers ride-sharing through five types of vehicles with emergency ambulance service in Dhaka city with the goal to expand operations in all 64 districts including the rural areas to make transportation more accessible and convenient. RideOX has been incorporated in Bangladesh in 2018 as RideOX Ltd. In 2019, we received an approval from Bangladesh Road Transport Authority (BRTA).
Since the incorporation, we have been bringing more licensed and well- maintained vehicles under our service. Our vehicle management system was conceptualized and developed in Bangladesh by a team of brilliant IT professionals led by the Co-Founder and CEO of RideOX Limited, Bangladesh Mr. Rafel Mridha, a successful and visionary entrepreneur with 13 years of experience in the IT sector of Bangladesh.
The life standard of our people being remarkably improved with an inspiring 8% GDP growth and $1909 in income per capita1 calls forth all the amenities of a comfortable and technology-based lifestyle. That around 73.8 million2 people use their smartphones to access the world of internet making up to 93% of the total internet users with 18% growth each year provides us the boon to grow as the go- to ride-sharing service freeing people from the time-consuming traffic congestion and improving their day-to-day experiences.
People in Dhaka make about 30 million trips every day contributing to the loss of 5 million work hours and an overwhelming 11.4 billion USD3 in a given year. Considering the mobility and size, we prefer cars, CNGs, motorbikes, microbuses, and ambulances which account for 2,695,241 registered vehicles according to BRTA (2018)4 .
We are following an integrated approach that may leverage our position in the billion dollar market. Only three companies have reached 3-4 cities besides Dhaka, whereas, the plan for launching our service in 20 cities is already in motion, which gives us a competitive advantage.
Based on the size of our market and our defined market area, our revenue projections for the first year are $0.012 million per day and $4.4 million per year. We project a growth rate of 15% per year for the first three years and 25% for the next couple of years afterwards when we’ll have marched into the international territory.
We are seeking an operating line of $20,000,000 to finance our growth. Our initial investment was $60,000 to meet working capital requirements.
A better way to get that there
We will distribute 20% of the profit from every district to the agents. As a result business opportunity will expand.
Operate everything from One Location
It is an electronic' heartbeat' to All Your Institution's floor Transportation. Take yourself a obvious perspective of your trip actions and enhance charging, expensing and coverage.
Streamline traveling on the Workforce
You specify how exactly they could trip through the dash, and that the Rideox programs will exactly the remainder of the They will at no time be required to think about accepting out-of-policy journeys or distributing investment reports.
Impress your Customers and clients
A cost-effective Way to construct devotion with no expensive Overhead. Easily supply excursions -- even numerous excursions at an identical period to anyone significant for your company.