In operation 18 months, Pedal Me use high-tech e-assist cargo bikes and highly trained riders to provide a competitively-priced, faster, cleaner taxi and on-demand delivery service. To keep up with our current organic growth we need more bikes, smarter tech and more riders.
In London, there are 400k taxi and private hire vehicle (phv) trips per day on average (TfL), worth about £1.46 bn per year (assuming low-end estimate average of £10/trip). Alongside this, 14% of all vehicle miles travelled in London are by LGVs (vans).
We combine competitive pricing, shorter journey times & a cleaner alternative to taxi and logistics services in London to compete for this market, using highly trained staff and specially designed e-assist cargo bikes. We can carry two adults or pretty much any load that doesn't need a forklift truck (& some that do), all booked via our app.
Revenue: We ran 24% CMGR of £19,822/month in Sept 18. Oct 17 to Sept 18 Revenue is £125,381.70, Net Loss -£60,399.33. We aim to continue this growth with investment to improve pickup times and efficiency.
Our vision: 30+ bikes for London providing <8 minute pickup times within a radius of 3 miles from the centre. Additional tech that supports 'stacking' or pooling of delivery jobs, driving higher efficiencies by linking jobs up. This allows us to bring down prices & realise our speed advantage fully, to be cheaper across all our market segments. Then expansion to other cities in the UK & abroad.
Exit - Uber & Lyft to Logistics companies may be interested in buying our expertise/infrastructure. Stuart recently sold for an undisclosed amount after raising money against a £45m valuation pre-launch.