Biography of Jerin Venad: Founder & CEO at Cityflo- Urban Transportation App
Jerin Venad’s Journey:
A Vision Takes Root
When Jerin Venad and his fellow IIT Bombay alumni—Rushabh
Shah, Ankit Agrawal, and Sankalp Kelshikar—graduated from one of India’s most
prestigious engineering institutions in 2014, they were eager to tackle a
pressing urban issue: the daily commute. They sought to revolutionize public
transportation by providing a modern, comfortable alternative to the usual bus
and train services. Thus, Cityflo was born in 2015 with the ambition to enhance
the daily travel experience for Mumbai’s office-goers.
Initial Steps and Seed Money
With a modest seed investment of ₹10 lakh pooled together,
Jerin and his co-founders embarked on their journey. Their idea was simple yet
ambitious: to offer a bus service that was cleaner and more comfortable than
traditional options. They envisioned a system that would not only make
commuting easier but also provide a premium experience, much like what Starbucks
had done for coffee in India.
The Birth of a New Model
Cityflo’s initial approach was straightforward. They
designed routes connecting key residential areas with major business hubs,
aiming to minimize stops and streamline the travel experience. Their model was
akin to an airline, focusing on direct routes and a smooth, hassle-free ride.
The company started with a fleet of Bharat Benz buses, chosen for their comfort
and reliability, and partnered with Pinnacle, a Pune-based design firm, to
enhance the aesthetics of their fleet.
Realizing the Market Potential
Initially, Cityflo priced its services on the lower end,
around ₹70 per ride. However, the founders soon discovered that this pricing
model was not sustainable for profitability. Through customer feedback, they
learned that many users were willing to pay a premium for a superior commute
experience. This insight led them to raise the fare to about ₹200 per ride,
aligning the cost with the high-quality service they aimed to provide.
Biography of Jerin Venad: Founder & CEO at Cityflo-Urban Transportation App/Entrepreneur/Startup/Success story of Jerin Venad/Age/Net worth/ Cityflo
Building a Reliable Service
Cityflo’s mission was clear: to offer a reliable and premium
commuting option. Unlike traditional bus services, Cityflo’s buses were
meticulously maintained to meet high cleanliness standards, comparable to those
of an airplane. They ensured that drivers were well-groomed and courteous,
emphasizing the importance of a pleasant travel experience.
Scaling Challenges and Adaptations
As Cityflo grew, the team faced several challenges. One of
the significant hurdles was ensuring consistent service quality while managing
the capital-intensive nature of the bus industry. The team had to balance
maintaining a high standard of service with the financial realities of running
a large fleet. They tackled these issues head-on, learning from early missteps
and refining their approach.
Adopting an Asset-Light Model
To manage costs and scale effectively, Cityflo adopted an
asset-light model. While the company owned the technology and customer-facing
aspects of the service, the buses themselves were owned by external partners.
These partners either operated the buses themselves or contracted third-party
firms. This model allowed Cityflo to focus on tech and customer experience
while sharing revenues with bus owners, irrespective of the bus occupancy
levels.
Navigating Regulatory Hurdles
Cityflo’s operations required specific permits, different
from those used by public transport providers like BEST. They needed an
employee transportation permit to operate. Despite this, the regulatory
environment was supportive, as the service contributed to reducing road
congestion. Cityflo even used BEST depots to park their buses, creating an
additional revenue stream for public transport operators.
Securing Funding and Growth
Cityflo’s early success attracted investor interest, and the
company quickly secured ₹4 crore in its first round of funding within two
months of launching. Over the years, Cityflo raised a total of $10 million,
which fueled its expansion and operational improvements. The funding enabled
them to grow their fleet, enhance technology, and scale their services.
Expanding Horizons
Cityflo’s growth was primarily concentrated in Mumbai, where
the company serviced around 12,000 passengers daily. The founders saw immense
potential in expanding to other cities. They launched a pilot project in
Hyderabad and planned to enter the Delhi-NCR market. Their goal was to
replicate their Mumbai success in new regions, using insights from their
Hyderabad venture.
Facing Market Realities
Despite their success, Jerin and his team knew that scaling
up in the public transport sector was fraught with challenges. They had to
continuously ensure that their service remained reliable and of high quality to
compete with the existing alternatives, such as personal cars and traditional
public transport.
Cityflo’s Unique Position
Cityflo aimed to position itself not just as a
transportation service but as a blend of mobility and hospitality. They strived
to provide a commute experience that was not only efficient but also enjoyable,
reflecting the company’s focus on quality time rather than just transportation.
Looking Ahead
With plans to grow almost ten-fold in the next three years,
Cityflo was preparing for its next phase of expansion. The founders were
ambitious, aiming to cater to a significant portion of Mumbai’s commuting population
and eventually extend their services to other major cities. Their growth
strategy included scaling operations, enhancing service quality, and exploring
new market opportunities.
Strategic Future Goals
Cityflo’s future plans involved expanding their fleet and
increasing their market presence. They aimed to serve a broader customer base
and further enhance their service offerings. By leveraging their experience and
learnings from the Mumbai and Hyderabad markets, Cityflo was poised for
substantial growth in the coming years.
Continuing the Journey
As Cityflo continues to evolve, Jerin Venad and his
co-founders remain committed to their vision of transforming urban commuting.
They focus on delivering a reliable, premium service that addresses the needs
of modern commuters while contributing to a more efficient and less congested
urban transport ecosystem.
Timeline of Jerin Venad’s Journey with Cityflo
2014: Jerin Venad and co-founders graduate from IIT Bombay
with a vision for improving urban commuting.
2015: Cityflo is launched with a ₹10 lakh seed investment,
focusing on premium, comfortable bus services.
2016: Cityflo starts with Bharat Benz buses and partners
with Pinnacle for design enhancements.
2017: Adjusts pricing to ₹200 per ride after discovering
customer willingness to pay more for quality.
2018: Adopts an asset-light model to manage costs and scale
operations.
2018: Secures ₹4 crore in first-round funding and raises a
total of $10 million over time.
2019: Expands operations to Hyderabad and plans entry into
the Delhi-NCR market.
2020: Serves around 12,000 passengers daily in Mumbai and
faces challenges scaling in the public transport sector.
2021: Positions Cityflo as a blend of mobility and
hospitality, aiming for significant expansion.
2022: Plans to grow ten-fold in the next three years and
enhance service offerings based on learnings from Mumbai and Hyderabad.
