The inefficiency of the mighty Ola and Uber in addressing the issue of customer experience provided an opportunity for the likes of Blu Smart to tackle the problem and make a name for itself. Currently, BluSmart is operating in two major cities – Delhi and Bangalore – which account for 45% share of the country’s mobility market.
Punit Goyal, co-founder of BluSmart, recently shared his journey, valuable insights for young entrepreneurs and the challenges he has overcome on The 1% Club Show with Sharan Hegde, CEO and Co-founder of The 1% Club. Punit also shared his thoughts on the future prospects for EV mobility.
Talking about the areas in which BluSmart outplays its competitors and how it has changed the dynamics of customer’s experience, Punit said the company addressed the major issue of ride cancellation and transparency of fares during peak time, which was unheard of by others for a very long time. Providing a better experience for customers also helped in improving the customer base.
Watch full podcast : Punit Goyal on The 1% Club Show with Sharan Hegde
Coming from an entrepreneurial family background, Punit chose not to pursue his family business but rather create his own journey from scratch. He finished his business studies from Aston University and later went on to set up a solar panel manufacturing company by the name of PLG Power Ltd.
Talking of the initial plunge and what changed with the course of time, Punit shared how he witnessed immense growth and later a decline due to massive strike down of the energy market around the year 2011, which forced a standstill for the company. Punit said his company booked a loss of nearly Rs 100 crore. So from a substantial position in the market to financial loss, he witnessed it all.
So how did Punit overcome the losses and start a bounce-back journey?
“I was humbled when things went down south but I had mentors like Kumar Birla who gave me some valuable life lessons which changed my perspective and I started working on improving my ideas,” Punit said. He later went on to start multiple businesses. Blu Smart is the 4th business venture he started back in January 2019.
When asked what advice he would give to young entrepreneurs, who are eyeing this mobility space market, Punit said there are tons of opportunities in this electric mobility space ranging from EV market, battery recycling, infrastructure setup and many more.
Punit further said that young entrepreneurs should have in-depth knowledge, do adequate research in the areas they want to enter, have that self-belief, stay resilient and have the perseverance to make their ideas work.
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