Startup Name: SpeedForce (www.speedforce.co.in)
Founders: Deepen Barai, Kapil Bhindi, and Mohan M.Vaidya.
Hi Deepen, Thank you for coming and joining with us for the interview.
Hi Dev, Thank you. It’s our pleasure.
Let’s move into the discussion.
Yeah sure, what made you to start speedforce and what problem does it solve?
I was working with one of the leading two-wheeler company for 36 years after sales service Department. Owning a business was always a dream. Three more friends were of the same opinion. So it was a joint decision to form a new company. Other three partners are from the same field. In the current market situation service provided by the available channels has its own limitations, where customer’s expectation has are increasing day by day. With the new approach to service, we are trying to bridge a gap.
What is speedforce?
We are into the Franchise business “Multi-brand 2wheeler service Center” under the name Speedforce. With the increasing population of two-wheelers in India and growth rate of almost 20% year on year from last 5 to 6 years, this is a high potential business. With added features like home service, pickup & drop, AMC, accidental service, insurance renewal it’s becoming fast popular and more convenient for the new generation. Low investment and high returns are the key success of this business. Our online and offline support and training bust the confidence of franchise owner.
I am an automobile engineer worked with Bajaj Auto Ltd for 26 years in the service department as a service engineer and then regional manager for Maharashtra, Gujarat and MP & CG. Last 10 years in Network development. The job involves extensive traveling, service infrastructure development, training, spare parts management, customer handling, customer satisfaction, and product feedback. In Network development, dealer’s performance monitoring, Reviews, new appointments, terminations were the nature of the job.
Where is your startup based out of? Why do you think that is the best place for you?
Our startup is based out in Baroda (Gujrat). The response is good, people are more for business, and funds availability is good. As of me it is right place for us to start the company because it is our hometown, we started this to solve problem mainly in our village. So with the help of family and friends we get support and boosting from them when we are in ups and downs of the startup.
As a startup founder, what are you paranoid about? What keeps you awake at night?
The thing that makes me sleepless is “What I promised I must deliver”.
What gets you excited about this company?
Great satisfaction of providing a solution to edge old business. It iss a completely new approach to this kind of business. We are creating a business opportunity for new entrepreneur and employment. We are sure of the successful business for any non-technical person through our guidance and continuous training.
Who are your competitions and how are you better than them?
I think completion should be there for everyone then only we can provide best services but it should be healthier competition between the companies. There is one company based in Rajkot. Their franchise fee is quite high, and feedback from filed is that they do not deliver what they promised. Quality of tools and equipment is not up to the mark.
We are better at providing below services
- Pick up & drop facility.
- No long queues.
- On road breakdown support.
- Service reminder.
- Accident support.
- Insurance Services.
How hard is it to have a work-life balance as a startup founder and how do you manages it?
It’s not an easy task. Local mechanics available in the market is the biggest challenge. Time from 1st meeting to conversion as a franchise takes 60 days to 90 days. Slowly we are learning. We are sure about our success step by step.
Have you risen funding? If yes, then we would like to know the details. If no then please tell us if you are looking to rise.
Currently, we are managing through our own funds. We are expecting a tie-up with one of the leading brand. After this tie-up, we may need funding from outside.
What are the biggest misconception people have about you? Why do they have that? What’s the reality?
Our business model is based on new generation and young customers. In market both young and old customers are available. While young needs services on one click & transparency, old need to get the vehicle service in front of them. We designed the process in such a way that both will be satisfied.
Old and existing garage owners are not ready to change and do not want to invest in new ideas while new young & qualified people are slightly hesitant to go for this business.
At first sight, they feel it may not get the required profitability.
But this is not true as our recently opened franchise started making the profit from 1st month itself.
Thank you Depen for Joining us.
Thank you Dev.
This is DevJ from startupsindia signing off.