Nexsource Pakistan, a social enterprise based out of Karachi, is launching a new ride-hailing app, E-Ride, tentatively in August this year and also plans to roll out 15,000 cars in three years, Nazir Ahmed Vaid the company’s Chairman, told Profit, in a recent interview.
The company whose business interests range from Business Process Outsourcing (BPO), to consulting, import and sale of select vegetables, real estate, and microfinance, has already arranged for Rs15 billion Ijara from an islamic bank to finance the project.
The app will offer intercity and intracity bookings, airport pickups, multiple days booking, full day bookings, and long term bookings.
“Through this app, we are going to help senior citizens, widows and orphans, who have some money in their savings accounts, earn a handsome return on their investment compared to what they can get from conventional banks,” Vaid said explaining his objective.
These people will give down payment of Rs300,000 for their vehicles, which will be their equity and the company will take care of everything else. Based on our feasibility study, the project will offer 33% annual return on investment (RoI) to the owners. Once the car is fully paid, which will take three years, the RoI will be almost 250%, the Chairman said.
The company has already developed the app, which it plans to launch on August 14 (tentatively).