Ashok Vashist (WTI Cabs): The Anti-Unicorn Founder, Bootstrapped to IPO!
This week, we're diving into the inspiring journey of Ashok Vashist, founder of Wise Travel India (WTI) Cabs. Ashok's story is a masterclass in determination, innovation, and adaptability – essential qualities for any entrepreneur navigating a rapidly changing industry. From his early days in the mobility sector to building WTI Cabs into a major player, Ashok's experience offers valuable lessons for us all.
Check out the video of the conversation here or read on for insights.
Ashok isn't just an entrepreneur; he's a visionary who has reshaped corporate transportation in India. With over two decades of experience, he founded WTI Cabs to address specific challenges faced by businesses. His philosophy?
"The only way to succeed is to find ways and means of doing it."
This mindset has been the driving force behind WTI's success.
🌱 The Early Days: Building a Foundation in Mobility
Ashok's journey began with a strong foundation in management from Mahatma Gandhi University in Kerala. His early career at the Transport Corporation of India provided invaluable insights into the mobility sector.
"From 1995 till today, I have been only in the mobility space."
This unwavering focus allowed him to identify unmet needs in the market, ultimately leading to the creation of WTI Cabs. This section offers strong proof of his domain expertise.
🚀 Founding WTI: A Leap of Faith and a Serendipitous Name
In 2009, Ashok took the entrepreneurial plunge, founding WTI Cabs with two partners, all connected through their shared experience at TCI. The name itself was a stroke of luck.
"I did send all these names to ROC, and the only name we just selected was Wise Travel India Private Limited."
This marked the beginning of a mission to provide tailored transportation solutions to corporate clients.
⚠️ Challenges and Opportunities: Navigating the Early Hurdles
The initial years weren't without their challenges. The rise of Ola and Uber presented fierce competition, and the WTI team faced a steep learning curve in technology.
"Our understanding of Android was zero because none of us were techie."
However, Ashok's optimistic outlook prevailed.
"What happens is that everything that happens is for good."
This positive mindset, combined with a focus on leveraging their existing strengths, allowed WTI to carve out a niche in the market.
💡 The Business Model: Focusing on Ad Hoc Services for Early Success
WTI's initial strategy focused on ad hoc services, a segment often overlooked by larger players.
"Ad hoc is the easiest entry to the door."
By targeting the 5-10% of unmet demand, WTI quickly established itself as a reliable partner for businesses needing flexible transportation. They started by leasing cars.
"We leased out ten cars from one of the leasing companies."
This was a smart move that minimized upfront investment.
📈 Scaling Up: Impressive Growth and Strategic Optimization
WTI's growth has been nothing short of remarkable.
"From a ton of one crore, we have reached around five hundred fifty, six hundred crores."
This impressive scaling was achieved through operational efficiency and a relentless focus on resource utilization.
"If people are running the car for two hundred kilometers, I'll have to run the car for four hundred kilometers."
This drive for efficiency became a cornerstone of WTI's strategy.
🚗 Innovative Strategies: The Driver-Car Owner (DCO) Model
A key innovation that set WTI apart was the Driver-Car Owner (DCO) model, pioneered by Ashok himself.
"The DCO model was originated by me."
This model empowered drivers by giving them ownership, fostering responsibility and accountability.
"Seventy percent of the drivers started working."
The DCO model not only benefited drivers but also provided reliable services to WTI's clients, creating a win-win situation.
📊 Navigating the Competitive Landscape: Evolving Beyond the DCO Model
While the DCO model was initially revolutionary, the landscape has shifted.
"DCO has lived its life. It has been around for twenty years."
Ashok highlights the challenges in this model.
"Just by giving three thousand, five thousand, ten thousand bucks, this guy thinks that he's the owner of the car, which is not true."
Ashok envisions a future with a more structured approach.
"In the next couple of years, there'll be a model where the driver will come, pay a day's rent, and drive the car for any of the aggregators."
This shift aims to create a more disciplined and sustainable ecosystem.
🤝 Corporate Partnerships and Managed Services: A Strategic Pivot
Recognizing the value of long-term relationships, WTI transitioned towards Managed Services Provider (MSP) contracts.
"In managed services, we give assurance that we will be managing the complete mobility solutions for them."
This strategic move, initiated in 2014, secured consistent revenue streams (around 20% from MSPs) and allowed WTI to develop bespoke software solutions:
"We make software based on their requirements."
This adaptability is key to WTI's continued success.
🏆 Key Milestones: Managing the Commonwealth Games – A Defining Moment
A pivotal moment for WTI was managing the transportation for the 2010 Commonwealth Games.
"Our company was the only one which managed the total Commonwealth Games."
This incredible feat, secured just four days before the event, involved managing 1,800 cars and 3,600 drivers.
"We booked two rooms for the entire team managing the event."
This success brought international recognition and solidified WTI's reputation.
🔄 Adapting to Change: Embracing Technology for the Future
Ashok emphasizes the importance of adapting to the ever-evolving mobility landscape. He anticipates a shift in fleet aggregation.
"I think there'll be only fifty percent of the fleet which will be aggregated by all these companies."
Technology plays a crucial role.
"Today, you can track everything."
WTI is investing in vehicle sensors and data analytics to enhance efficiency and service quality.
📈 Going Public: The IPO Journey – A Strategic Move for Visibility
WTI's decision to go public was driven by a desire for market visibility, not a need for capital, even clocking 400 crores in revenue during the pandemic. With over 70% of the founders' stake retained, the IPO on the SME board was a strategic step. Ashok's focus remains on operational excellence:
"For us, the share price or my value is a byproduct of what we are doing today."
🌍 Market Position and Future Aspirations: Thinking Beyond Boundaries
WTI's ambitions extend beyond India.
"Let's think beyond boundaries."
With 400 cars already operating internationally, the goal is ambitious.
"In the next four to five years, I think ten thousand cars is the target."
This expansion will focus on both B2B and B2C segments.
Ashok's journey is a testament to the power of perseverance and a constant hunger for growth.
"You have to stay hungry to achieve something."
This philosophy continues to guide WTI Cabs as it navigates the future of mobility.
Key Takeaways:
Embrace Challenges as Opportunities: Ashok's story demonstrates how to turn obstacles into stepping stones.
Innovation is Key: The DCO model, though evolving, highlights the importance of creative solutions.
Adaptability is Crucial: The mobility landscape is constantly changing; staying agile is essential.
Strategic Partnerships Drive Growth: WTI's success is built on strong corporate relationships.
Long-Term Vision is Paramount: Ashok's focus on operational excellence and future aspirations is inspiring.
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Akshay Datt