WTI Cabs, also known as Wise Travel India Limited, has submitted its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) with the aim of raising approximately ₹85 crore.
While awaiting approval from the Securities and Exchange Board of India (SEBI) for the public offer, the company plans to launch its IPO in January 2023 on the NSE SME platform, intending to raise between ₹75 crore and ₹85 crore. The face value of the company’s shares is stated to be ₹10 per equity share.
WTI Cabs, established in 2009, is a prominent provider of premium cab services that not only experiences substantial growth but also creates self-employment opportunities for drivers. The company currently offers comprehensive transportation solutions to the corporate sector in over 250 cities across India and is looking to expand its operations globally, starting with services in major international cities, beginning with Dubai.
Ashok Vashisht, the founder and CEO of WTI Cabs, revealed plans to initiate business operations in Dubai after obtaining a car rental license, with further plans to expand into other global cities in the coming years.
In terms of financials, WTI Cabs saw a revenue of ₹204 crore in the pre-COVID fiscal year 2019-20. Despite the impact of the COVID-19 pandemic on revenue, it rebounded in the fiscal year 2022-23, reaching ₹250 crore, resulting in a net profit of ₹10.29 crore. The company anticipates total revenue of ₹400 crore in the current fiscal year.
WTI Cabs primarily caters to the corporate sector, offering complete transportation solutions, including software, manpower, and fleet services tailored to their needs. With a fleet of over 8,000 vehicles, the company engages in long-term contracts with over 500 companies, and approximately 85% of its business comes from the business-to-business (B2B) segment.
The company operates at 17 airports across the country, with offices in major cities, and has a workforce of over 750 employees. WTI Cabs takes pride in empowering drivers by providing self-employment opportunities and assisting them in obtaining loans to purchase their own vehicles. With a network of more than 12,000 skilled drivers, the company emphasizes its commitment to driver welfare and self-reliance.
