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McCain India’s FY24 Report: ₹1,245 Cr Revenue, Rising Costs, and a 29% Profit Drop – Can It Stay on Top?

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McCain India’s FY24 Report: ₹1,245 Cr Revenue, Rising Costs, and a 29% Profit Drop – Can It Stay on Top?

India’s love for crispy, deep-fried snacks has fueled a thriving market, with McCain carving out a dominant position in the frozen food segment. Having entered the Indian market in 1998, the brand has steadily expanded its presence, raking in over ₹1,200 crore in revenue for FY24, making it the largest player in its category. Once known primarily for french fries, McCain has since broadened its offerings to cater to a wider audience.

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According to filings with the Registrar of Companies (RoC), McCain India’s revenue grew by a modest 3% year-on-year, reaching ₹1,214 crore in FY24, up from ₹1,172 crore in FY23. Its primary income source remains the sale of its fried snack products, distributed through a mix of traditional retail, foodservice partnerships, and quick-commerce platforms like BlinkIt, Swiggy Instamart, and Zepto. Additionally, the company earned ₹31 crore from interest on deposits, bringing total revenue to ₹1,245 crore in FY24, compared to ₹1,189 crore the previous year.

Raw materials remained the biggest cost factor for McCain, accounting for nearly 44% of its total expenses, rising to ₹493 crore in FY24. Employee costs also saw a sharp increase, climbing 19% to ₹100 crore. Meanwhile, McCain ramped up its advertising spend by 63%, reaching ₹88 crore as it sought to maintain its competitive edge in an increasingly crowded market. Other operational costs—covering power, logistics, contract labor, storage, and management fees—pushed total expenditure up to ₹1,125 crore from ₹1,020 crore in FY23.

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The aggressive spending, particularly on advertising and management expenses, took a toll on McCain’s bottom line. Its net profit dropped 29.4%, falling from ₹126 crore in FY23 to ₹89 crore in FY24. The company’s return on capital employed (ROCE) and EBITDA margin stood at 15.28% and 4.58%, respectively. On a per-unit basis, McCain spent ₹0.93 to generate every rupee in FY24.

Despite its strong position, McCain faces growing challenges. With health-conscious consumers shifting away from fried foods and major conglomerates like ITC and Godrej entering the segment, competition is fiercer than ever. The brand often finds itself on the defensive when compared to “better-for-you” alternatives. However, India’s deep-rooted love for crispy snacks ensures that demand won’t vanish overnight. Strengthening its cold chain logistics network could be a game-changer, enabling McCain to penetrate deeper into smaller towns and rural markets. If the company can navigate these headwinds effectively, it should be able to regain its growth momentum—unless internal hurdles prove to be a bigger obstacle.

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Karnataka High Court Bans Bike Taxi Services, Orders Ola, Uber, and Rapido to Halt Operations

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Karnataka High Court Bans Bike Taxi Services, Orders Ola, Uber, and Rapido to Halt Operations

In a significant setback for ride-hailing giants Ola, Uber, and Rapido, the Karnataka High Court has ordered them to shut down their bike taxi services in the state. The court has given them six weeks to comply, stating that operations cannot resume until the government establishes clear regulations under the Motor Vehicles Act, 1988.

Legal Roadblock: No Clear Rules, No Bike Taxis

Justice B.M. Shyam Prasad, who issued the ruling, made it clear that transport authorities cannot register motorcycles as commercial transport vehicles or issue permits for bike taxis unless a proper legal framework is in place.

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“The transport department cannot be directed to register motorcycles as transport vehicles or issue contract carriage permits for such services until appropriate government regulations are in place,” Justice Prasad stated.

The Karnataka government now has three months to draft these regulations. Transport Minister Ramalinga Reddy said the government will use this time to create a framework that ensures safety and operational clarity for bike taxi services.

Rapido Pushes Back, Raises Concerns Over Livelihoods

The ruling has sparked concerns, particularly for Rapido, which was founded in Karnataka and has a massive user base in the state. A Rapido spokesperson voiced worries about the thousands of drivers who depend on the platform for their income.

“The Hon’ble High Court of Karnataka has directed aggregators to cease bike taxi operations after six weeks. While we will comply with the order, we are deeply concerned about the impact on the livelihoods of our captains. Once the detailed order is available, we will explore all legal options to protect their interests,” the spokesperson said.

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A Long-Standing Legal Battle

Bike taxis have existed in a legal gray area in Karnataka for years. In 2021, the state introduced the Karnataka Electric Bike Taxi Scheme, which only allowed electric two-wheelers to operate as bike taxis. However, most services continued using petrol-powered bikes, leading to ongoing disputes with regulators.

With the latest court order, the future of bike taxis in Karnataka remains uncertain. While companies like Rapido and Uber are expected to challenge the decision, the government’s next move—whether to regulate or permanently ban bike taxis—will determine how the industry evolves in the state.

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DriverShaab Secures ₹2.82 Crore to Scale On-Demand Driver Services, Strengthen Tech Infrastructure

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DriverShaab Secures ₹2.82 Crore to Scale On-Demand Driver Services, Strengthen Tech Infrastructure

Kolkata-based DriverShaab, a B2B mobility solutions provider, has raised ₹2.82 crore in a pre-Series A funding round led by Firstport Capital and Gurugram-based Inflection Point Ventures (IPV). The investment will help the company scale its driver aggregation platform, optimize operations, and enhance its technology backbone.

Bringing Structure to India’s Fragmented Driver Service Industry

Founded by Avijit Das, DriverShaab is tackling a long-standing problem in India’s transportation sector—reliable and efficient driver management. The startup provides on-demand drivers for businesses, logistics support, and employee transportation solutions, using technology to bridge supply gaps and improve service quality.

“The driver services industry has been largely unorganized, leading to inefficiencies and service inconsistencies. Our goal is to build a tech-driven ecosystem that makes driver deployment seamless, reliable, and scalable,” said Avijit Das, CEO of DriverShaab.

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Since its inception, DriverShaab has facilitated transactions worth ₹26 crore, reflecting the growing demand for structured driver aggregation solutions in India.

Aiming for a Piece of India’s $900M Mobility Market

India’s mobility sector is currently valued at $900 million and is projected to grow rapidly as businesses increasingly seek efficient transportation solutions. DriverShaab is positioning itself as a key player in this evolving landscape by addressing challenges like driver availability, fleet management, and operational inefficiencies through its platform.

Mitesh Shah, Co-Founder of Inflection Point Ventures, highlighted the startup’s potential: “Driver shortages and inefficiencies can severely impact businesses relying on fleet operations and employee transport. DriverShaab’s tech-first approach ensures optimal driver deployment, reduces downtime, and enhances service reliability. With its scalable model and strong execution, the company is well-positioned for growth in the mobility sector.”

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With fresh funding and a clear market opportunity, DriverShaab is gearing up to expand its reach and refine its technology, aiming to become a go-to solution for businesses looking to streamline driver management.

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Piyush Goyal Slams India’s Startup Priorities: ‘Are We Just Building Delivery Workers While China Dominates EVs & AI?

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Piyush Goyal Slams India’s Startup Priorities: ‘Are We Just Building Delivery Workers While China Dominates EVs & AI?

At Startup Mahakumbh 2025, Commerce Minister Piyush Goyal raised serious questions about the direction of India’s startup ecosystem, urging entrepreneurs to prioritize deep tech and innovation over convenience-driven services. Comparing India’s startup landscape with China’s, he pointed out how Indian ventures are largely focused on food and grocery delivery, while Chinese companies are investing in electric mobility and advanced battery technologies.

Aiming Higher: Beyond Delivery Apps and Quick Commerce

Goyal’s address was direct and thought-provoking. He challenged entrepreneurs to reconsider their ambitions, asking whether India’s startup boom should be defined by an army of “delivery boys and girls” or if the country should strive to lead in cutting-edge technology.

“We are proud of what India has achieved, but are we the best in the world yet? Not yet,” he stated. “Should we aspire to be, or are we content just running delivery fleets?”

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His comments come at a time when quick-commerce and food delivery startups have become some of India’s most valuable companies, achieving unicorn status and multi-billion-dollar valuations. However, the minister’s remarks highlighted a growing concern—are these businesses truly driving technological progress, or are they just refining last-mile logistics?

Luxury Startups vs. Tech-Driven Innovation

Goyal also took aim at the rise of luxury-focused startups, particularly those backed by the children of billionaires. He pointed out that many of these businesses revolve around premium products like “fancy ice creams and cookies,” which, while profitable, do little to establish India as a global technology leader.

“I have no issue with healthy, zero-gluten, vegan ice creams, but is that the destiny of Indian entrepreneurship?” he asked. In contrast, he cited nations that are heavily investing in semiconductors and artificial intelligence—industries that will shape the future of the global economy.

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A Call for Future-Focused Startups

Goyal’s message was clear: India needs to build, not just deliver. He emphasized that the world’s leading economies are pushing boundaries in AI, chip manufacturing, and next-gen mobility solutions. If India wants to be a true innovation powerhouse, its startup ecosystem must shift its focus from short-term consumer convenience to long-term technological leadership.

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Backed by Flipkart and Bain Execs, Alienkind Raises $1.2M to Shake Up India’s $4 Billion Juice Market”

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Backed by Flipkart and Bain Execs, Alienkind Raises $1.2M to Shake Up India’s $4 Billion Juice Market”

Juice Disruptor Alienkind Secures $1.2M in Seed Funding to Expand Across India

Alienkind, a next-gen juice bar brand, has raised $1.2 million in seed funding, attracting investments from high-profile industry leaders such as Prakash Sikaria (Founder, Super.money), Ravi Iyer (SVP, Flipkart), and Arpan Sheth (Head of Global Innovation, Bain & Company, Washington DC). The funding marks a significant milestone for the company as it sets its sights on reshaping India’s juice market.

Changing the Juice Game in India

Founded with the vision of making fresh fruit juices both aspirational and accessible, Alienkind is challenging the status quo in the Indian beverage space. Unlike conventional juice brands, which often rely on preservatives and artificial additives, Alienkind is committed to serving 100% fresh fruit juices that prioritize transparency, quality, and affordability.

“We want to make fresh fruit juice a lifestyle choice—something people reach for without a second thought, knowing they’re getting the best in purity and taste,” said Vikram Kakkireni, Co-Founder of Alienkind. “Our goal is simple: to become the trusted go-to for juice lovers across India, offering an experience that is as premium as it is affordable.”

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Scaling Up & Expansion Plans

The freshly secured funds will be used to fuel Alienkind’s expansion across major metropolitan cities in India, as part of the brand’s aggressive first phase of growth. The startup has already made waves in the Indian Quick Service Restaurant (QSR) industry with its bold positioning, competitive pricing, and commitment to a healthier, more transparent juice culture.

“We’re not just building another juice brand—we’re redefining the QSR model in India,” said Abhishek Kumar, Co-Founder of Alienkind. “A decade from now, we want to look back and see that we’ve set new industry benchmarks, creating a blueprint for what modern, fresh, and accessible food and beverage brands should be.”

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With consumer demand for fresh, chemical-free beverages on the rise, Alienkind is stepping in at the right time to capitalize on the shift. Backed by industry veterans and a rapidly growing customer base, the brand is well on its way to becoming a household name in the Indian beverage space.

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After 9 Years, Hitesh Dhingra Bids Farewell: The Man Company Co-Founders Reflect on Their Journey

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After 9 Years, Hitesh Dhingra Bids Farewell: The Man Company Co-Founders Reflect on Their Journey

March 31, 2025, marked the end of an era as Hitesh Dhingra stepped away from The Man Company, the premium men’s grooming brand he co-founded in 2015 alongside Bhisham Bhateja and Parvesh Bareja. Over nine years, the trio transformed a niche concept into a powerhouse in the Indian grooming industry, redefining how men approach self-care.

The Birth of a Category in India

When The Man Company was launched, men’s grooming in India was an untapped market. Most Indian men relied on generic, mass-market products with little focus on premium ingredients or specialized formulations. The founders saw an opportunity—not just to sell grooming products but to shift an entire mindset. They aimed to position self-care as an essential, not an afterthought, creating a brand that blended luxury with functionality.

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The early days were anything but easy. The first product launch was a gamble. Finding the right retail partners was a struggle. Yet, the brand quickly found its footing, with one of the first major breakthroughs being a retailer willing to take a chance on them. Then came validation in the form of customers—emails, reviews, and word-of-mouth praise that signaled they had tapped into something real.

Scaling to Success

What started as a small venture rapidly grew into a ₹200 crore brand. The Man Company became synonymous with high-quality, chemical-free grooming products for men, offering everything from beard oils and shampoos to fragrances and skincare. The brand’s marketing strategies, influencer collaborations, and digital-first approach helped it capture a loyal customer base.

The company’s growth attracted major investors, and in 2020, Emami Ltd acquired a significant stake, further fueling its expansion. With a combination of e-commerce dominance and an increasing retail presence, The Man Company became a leader in India’s premium men’s grooming segment.

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The Founder’s Exit & The Road Ahead

After nearly a decade of building the brand, Hitesh Dhingra announced his departure. In an emotional reflection, he likened the experience to raising a child—nurturing it from infancy to independence. With Emami Ltd now at the helm, the company is poised for its next phase of growth, backed by a strong team and an established market presence.

Dhingra credits The Man Company with shaping him as much as he shaped it. The journey was filled with lessons in resilience, patience, and adaptability—lessons that will undoubtedly influence his next entrepreneurial venture. While the specifics of his future plans remain undisclosed, his track record suggests that this exit is just the beginning of another groundbreaking chapter in India’s startup ecosystem.

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Sweet Karam Coffee Secures $8M Series A from Peak XV & Fireside Ventures, Targets 2.5x Growth

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Sweet Karam Coffee Secures $8M Series A from Peak XV & Fireside Ventures, Targets 2.5x Growth

In a significant boost to its growth trajectory, Chennai-based Sweet Karam Coffee has secured $8 million in a Series A funding round led by Peak XV Partners, with continued support from existing investor Fireside Ventures.

Founded in 2015 by Anand Bharadwaj and Nalini Parthiban, Sweet Karam Coffee has carved a niche in delivering authentic South Indian sweets, snacks, and filter coffee. The brand prides itself on offering products free from palm oil and preservatives, catering to health-conscious consumers.

The infusion of capital is set to propel the company’s omnichannel expansion, accelerate new product development, and enhance its technology-driven supply chain capabilities. With a presence in over 2,500 quick commerce dark stores across India and deliveries spanning 32 countries, Sweet Karam Coffee has witnessed a remarkable fourfold increase in revenue over the past year and aims for a 2.5x growth in the coming year.

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Co-founder and CEO Nalini Parthiban expressed enthusiasm about the evolving distribution landscape: “Quick commerce is bridging distribution like never before, and we’re seeing a beautiful cross-pollination of cultures—our products are now loved not just in the South, but across the country.”

To bolster its operational capabilities, the company has appointed former Unilever executive Nandhitha Indermohan as Chief Operating Officer. Indermohan brings over 15 years of experience in supply chain and operations, positioning her to play a pivotal role in the company’s next growth phase.

The South Indian snacks and sweets market, valued at over ₹25,000 crore, is undergoing a significant transformation. Abhishek Mohan, Principal at Peak XV Partners, highlighted the sector’s potential: “The shift from unorganised to organised players, rising demand for ‘better-for-you’ products, and the rapid expansion of modern distribution channels present a powerful opportunity for brands like Sweet Karam Coffee.”

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This funding round underscores the growing investor confidence in the direct-to-consumer (D2C) segment, particularly in brands that prioritize authenticity and health-conscious offerings. As Sweet Karam Coffee embarks on this new chapter, it remains dedicated to sharing the rich culinary heritage of South India with a global audience.

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Argos Watches Raises ₹6.5 Crore to Disrupt India’s Luxury Watch Market, Launches Olympus – The Country’s First Mechanical Watch with Power Reserve Indicator

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Argos Watches Raises ₹6.5 Crore to Disrupt India’s Luxury Watch Market, Launches Olympus – The Country’s First Mechanical Watch with Power Reserve Indicator

Argos Watches, a premium homegrown watch brand, has secured ₹6.5 crore in its latest funding round, drawing investment from a group of high-net-worth Indian investors. The fresh capital comes at a ₹45 crore valuation, underscoring the brand’s growing appeal among luxury watch buyers in India.

Olympus: India’s First Mechanical Watch with Power Reserve Indicator

As part of its expansion, Argos has unveiled Olympus, which it claims is India’s first mechanical watch featuring a power reserve indicator. Priced between ₹8,000 and ₹20,000, the watch aims to bridge the gap between affordability and premium craftsmanship, catering to collectors and enthusiasts who appreciate mechanical timepieces.

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“Olympus is a blend of timeless design and cutting-edge mechanics, crafted for those who value precision and artistry in their watches,” said M Channiwala, Founder of Argos Watches.

Scaling Up with New Capital

With this funding, Argos plans to double its revenue this financial year by expanding its Direct-to-Consumer (D2C) model, enhancing its digital footprint, and increasing brand awareness. The company currently sells exclusively through its own website, leveraging a niche but rapidly growing audience of mechanical watch lovers.

“This investment validates our vision of bringing high-precision, luxury mechanical watches to Indian consumers,” said Channiwala. “With strong investor backing, we are set to scale operations, develop new products, and establish Argos as a leading name in Indian watchmaking.”

India’s Luxury Watch Market is Booming

India’s luxury watch market is currently valued at over ₹10,000 crore, with increasing disposable incomes, a rising community of collectors, and a shift toward mechanical watches over quartz alternatives driving demand.

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With the launch of Olympus and fresh investor support, Argos Watches is positioning itself as a serious contender in India’s high-end watch space, blending heritage craftsmanship with modern innovation.

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Better Nutrition Raises ₹10 Crore from Namita Thapar, PV Sindhu & Others to Tackle India’s ‘Hidden Hunger’

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Better Nutrition Raises ₹10 Crore from Namita Thapar, PV Sindhu & Others to Tackle India’s ‘Hidden Hunger’

Better Nutrition, a biofortified food brand that gained recognition on Shark Tank India, has secured ₹10 crore in a fresh funding round. The investment came from family offices, HNIs, and angel investors, including Namita Thapar, Shantanu Deshpande, PV Sindhu, and others.

The round also saw backing from Aclr8.vc, a venture capital fund co-led by Apurva Chamaria (Google), Karan Jindal (Meta), Arjun Vaidya (V3 Ventures), and Akshay Ghulati (Shiprocket).

A Mission to Fight Nutrient Deficiency in India

Founded under Greenday, Better Nutrition is tackling one of India’s biggest but least discussed health issues: ‘hidden hunger’—nutrient deficiencies that persist despite a full diet. The startup produces biofortified grains naturally rich in zinc, iron, protein, and calcium, offering a simple way to boost health without major dietary changes.

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Based in Lucknow, the company works with over 15,000 farmers, ensuring access to nutrient-dense grains for Indian households.

Explosive Growth After Shark Tank India

Since its Shark Tank India appearance, Better Nutrition has seen a 5X revenue jump, a 10X spike in website traffic, and 25,000+ orders fulfilled. The brand has also expanded aggressively across quick commerce platforms, partnering with Blinkit, Zepto, Swiggy Instamart, and BigBasket.

What Investors Are Saying

Namita Thapar (Emcure Pharmaceuticals & Shark Tank India investor):

“Hidden hunger is a silent crisis, and Better Nutrition is addressing it with real impact. They are not only solving a pressing health issue but also building a financially sustainable business that makes a meaningful difference in people’s lives.”

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Shantanu Deshpande (Founder & CEO, Bombay Shaving Company & The BarberShop Fund):

“Better Nutrition isn’t just a business—it’s a movement. Their clarity in scaling biofortification and reshaping everyday nutrition makes them a company worth investing in, both financially and as a force for change.”

What’s Next for Better Nutrition?

The fresh capital will help the company expand its reach, increase production capacity, and continue driving awareness about biofortified foods. With an increasing focus on nutrition-led health solutions, Better Nutrition is on a mission to become a household name in India’s food industry.

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Uber Introduces ‘Uber for Teens’ in India: A Safe and Convenient Ride Option for 13- to 17-Year-Olds

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Uber Introduces ‘Uber for Teens’ in India: A Safe and Convenient Ride Option for 13- to 17-Year-Olds

Uber has rolled out a new service specifically for teenagers, allowing young riders aged 13 to 17 to book rides independently while giving parents complete oversight. Dubbed ‘Uber for Teens’, the feature is now live in 37 Indian cities, including Delhi NCR, Mumbai, Bangalore, Pune, Chennai, and Kolkata.

Keeping Teens Safe on the Move

To address safety concerns, Uber has built multiple safeguards into the service. Every trip is GPS-tracked, parents get real-time updates, and an in-app emergency button is available for both teens and parents. Once a ride ends, guardians receive a full trip summary.

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The service is designed to strike a balance—giving teenagers more freedom to commute independently while ensuring their parents remain in the loop.

How It Works: Parental Controls & Booking Options

To use the service, a parent or guardian with a verified Uber account can invite their teen to create a linked account. From there, teens can request rides themselves, while guardians can monitor each trip directly from their own Uber app.

Additionally, parents can book rides on behalf of their teens, ensuring flexibility in planning transportation for school, activities, and social outings.

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Uber’s Research Confirms Demand

Before launching ‘Uber for Teens,’ the company conducted a survey to understand how Indian families manage transportation for teenagers. The results were eye-opening:

  • 92% of parents admitted struggling to find reliable transport for their teens.
  • 72% cited safety as their biggest concern.
  • 93% of parents said they would consider using a dedicated ridesharing service for their teenage children.

Uber India President Speaks on the Launch

Prabhjeet Singh, President of Uber India and South Asia, emphasized how the service is designed to make life easier for families.

“We understand the daily transportation challenges faced by Indian families. ‘Uber for Teens’ is our solution—offering parents peace of mind while giving teenagers a sense of independence with a safe and trusted ride option.”

With a growing number of Indian families seeking reliable and secure transportation for their teenagers, Uber is betting big on this new service to fill the gap.

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