How is RodBez doing after Shark Tank India?

Founders: Dilkhush Kumar & Siddharth Shankar Jha
Business: Ride Services
Ask: ₹50 Lakhs for 5% equity
Valuation/ Networth: ₹10 Crores
Funding: ₹20 Lakhs for 5% and ₹30 Lakhs debt at 12% interest
Sharks: Vineeta Singh & Ritesh Agarwal
Episode: Season 3 Episode 3

RodBez Shark Tank India Pitch:

RodBez is an Indian startup working to resolve two major issues. The first is to organize the unorganized taxi services in Bihar. Secondly, reduce the fare, as for now, taxi drivers charge two-way fares. RodBez connects drivers and riders according to their requirements. By doing this, the founders added that they were able to increase the income of taxi drivers by ₹10,000-15,000 per month. Not only that, riders also save anywhere between ₹1,500-2,000 per ride. The company sought an investment of ₹50 Lakhs for 5% equity, valuing their business at ₹10 Crores.

RodBez Financials during Shark Tank India:

RodBez has already completed a fundraising round through angel investors, raising ₹46 Lakhs at a valuation of ₹4 Crores. That round was closed in November 2022. Further, Dilkhush has 80% equity in the company, Siddharth has 5%, and the remaining 15% is with mentors and investors. The founders shared that two-way booked rides make up 40% of total bookings. They had 20 taxis under their roster at the time of the pitch. RodBez commits earnings of ₹45,000 per month to those taxi drivers, even if there is no revenue generated by them. They have completed a pilot for 3 months with these commitments, and there were no losses recorded.

RodBez has made ₹6 lakhs in commission in August 2023. The company shared that they charge on average a 20% commission on rides booked through their platform. When it comes to pricing, Rodbez is 40% cheaper than competitors in one-way rides. If they choose taxi pool, travelers can save up to 60%. The company has completed 10,000 rides and had only one hiccup during those where a customer missed their flight. The founder shared that they booked the flight on the consumer’s behalf for customer satisfaction. They had 19 people working in the business. With runway of only 2 months left, RodBez were burning around ₹1.5 Lakhs per month.

RodBez Shark Tank India Negotiations & Funding:

Anupam was the first shark to go out of negotiations due to his extensive knowledge of this industry and his understanding that RodBez did not have funds to sustainably scale the venture. Vineeta was the first shark to give an offer where she offered ₹20 Lakhs for 5% and the rest as debt at 12% interest, which would need to be repaid within 2 years. She adds that OYO founder Ritesh would come in on this deal as well. Peyush felt that the company should raise this investment through their current investors; therefore, he goes out of this deal. Aman went out because he felt entrepreneurs had a good offer on the table. Dilkhush accepted Vineeta’s offer without any hesitation.

Who are the founders of RodBez?

Dilkhush Kumar and Siddharth Shankar Jha founded RodBez. They both belong to Saharsa, Bihar, and are first cousins. Dilkhush was born in Bihar and raised in a village. He has previously started another venture as a separate entity, which he grew up to ₹80 Lakh per month revenue before exiting that business.