YourCar is a membership based car-sharing company which seeks to transform the way cars are used in India and in the process create a sustainable, long-term oriented transit solution that is available to many sectors of society. We are focused on solving the unique logistical challenges created by India’s rapid development, modernization, and urbanization.
Although car-sharing is thriving in more than 1,000 cities world-wide, it is not present in any Indian city. India has more than 42 metro areas with populations over 1 million, and this is expected to increase to 68 by 2030. Of these cities, we believe that several could support our car-sharing service going forward. Due to the incredible density of these cities, individuals typically rely on public transportation, auto-rickshaws, chauffeured cars, or taxis for their day-to-day transportation needs. The majority of individuals do not own a car, a fact largely due to snarling traffic, expensive parking, and limited personal resources.
YourCar would initially target the burgeoning, successful young professional demographic who would demand a car for specific purposes such as a weekend outing with friends or a trip to the mall. Car-sharing is more affordable than traditional ownership for occasional drivers, because users only pay for the time that they are actually using the car. YourCar eliminates the upfront and fixed costs of car ownership: the vehicle purchase, taxes and registration, insurance, and parking. It replaces them with a simple hourly rate (which also includes all of the variable costs of car ownership, such as fuel and maintenance).
As a social enterprise, YourCar would extend the benefits of car ownership to people who cannot afford to own cars. In addition, we would decrease the number of cars on the road and the total number of miles driven, thereby reducing air pollution in a region that suffers from some of the worst urban air quality in the world. The ultimate incorporation of CNG and electric vehicles into the YourCar fleet would provide even greater environmental benefits. Car-sharing provides a real opportunity to reduce the aggregate number of cars on the road, thereby reducing traffic nightmares on the city level.
David Back-Senior Partner
David is currently a JD candidate at Harvard Law School, where he serves as the “Director of Entrepreneurship” for the Harvard Association of Law and Business. While at HLS, David has received two Dean’s Scholarship Prizes for outstanding academic work. He spent the summer of 2010 researching legal elements of entrepreneurship for the Kauffman Foundation and has accepted an offer to work as a Summer Associate for McKinsey in San Francisco in 2011.
Previously, David worked for Newt Gingrich at the American Enterprise Institute, performing research and writing policy recommendations for energy policy and for China Policy. He served first as a volunteer and later as the Director of Government Relations for The Hydrogen Expedition, an attempt to circumnavigate the Earth in a hydrogen fuel cell powered boat. David is the founder of Back Energy, an energy research firm and the co-founder of Philly Start-Up Leaders. He provides consulting to a number of start-up companies. David also holds the provisional patent on “Smart Charging for Electric Cars” which came 8th out of more than 3,500 ideas in GE’s recent “Ecomagination Challenge.”
David graduated magna cum laude from the University of Pennsylvania, where his undergraduate thesis on nuclear power in China was published in the Sound Politicks political science journal, where it received the “Fox Leadership Best Article” award.
Greg Moran has over four years experience in the energy/infrastructure sectors, over which span he has worked on transactions on six continents that have totaled over $12 billion. Greg has held positions in international investment banking, corporate business development, and energy policy formulation.
Currently, Greg leads renewable energy business development efforts for FTSE 100 listed, International Power plc. Greg’s specialties include financial valuation and analysis, capital fundraising, commercial negotiations, and innovative business line development. While his professional experience extends to both traditional and alternative forms of energy, in recent years, his transactional focus has been primarily on solar power, wind power, and energy storage.
Greg graduated the University of Pennsylvania in 2007 with a degree in International Relations. His senior thesis on Chinese energy policy received top distinction within the department. Greg holds Series 7, 63, and 79 licenses.
YourCar will seek to occupy a transportation niche that is not currently served within urban India. At present, our target demographic uses taxis, auto-rickshaws, chauffeured cars, and mass transit for their personal transport needs. Our service will target individuals who are currently looking to use a car on a limited basis, primarily for leisure activities. Given this expected usage, YourCar will launch its services in Bangalore, capital of the southern state of Karnataka. As one of the wealthiest and best educated major cities in India, Bangalore has the ideal balance of socioeconomic considerations for our service to thrive.
YourCar anticipates three principal streams of revenue:
- A nominal upfront fee to join the membership-based service
- Variable, hourly rate for each trip members choose to take
- Advertising revenue collected through local partnerships with companies focused on our target demographic
In addition to major upfront cost of car fleet, YourCar will incur several ongoing expenses, including, but not limited to: insurance, car maintenance, software, parking, and fuel expense.
YourCar will strategically position our service as a cool, hip transport offering that above all, offers freedom, flexibility, and convenience to its members. Given the propensity of haggling, dishonesty, and unreliability of personal transport in India, we believe YourCar will be in excellent position to offer a more refined, professional service. Unlike many other transportation substitutes, YourCar will offer fully transparent pricing and a convenient mobile reservation system accessible via computer or mobile device. Our service will have parking lots strategically situated across the city to provide maximum convenience to our members. Additionally, in-car software will enhance the driving experience for the user(s).