Get to know Ride Commerce - Techstars Sustainability Paris Accelerator

May 20, 2024

Sreenath Rangapuram - Founder/CEO | Kumudha Puram - Co-Founder/CTO

Revolutionizing EV fleets with AI, cutting carbon emissions across Scope 1, 2, & 3 for greener, cost-efficient transportation.

1.   Describe the problem/the industry that you are trying to mediate (and precise the UN SDG-s you are solving).

The transportation and logistics industry faces significant challenges in reducing its carbon footprint and improving sustainability. Transport sector contributes to over 20% of global CO2 emissions. Inefficient routing, congestion, lack of real-time data, and reliance on fossil fuels exacerbate the problem. Ride Commerce aims to tackle UN SDGs 9 (Industry, Innovation and Infrastructure), 11 (Sustainable Cities and Communities), and 13 (Climate Action) by developing intelligent mobility solutions that optimize routes, reduce emissions, and promote the adoption of electric vehicles in commercial fleets.

2.   How did the idea to create the company come to mind? How did your team come to be?

The idea for Ride Commerce was born out of a shared passion for sustainability and a recognition of the urgent need to decarbonize the transportation sector. We bring together a unique blend of expertise in logistics, AI, and sustainability.Sreenath and Kumudha have extensive technology consulting experience working in cross industry vertices,logistics and supply chain industry and worked for clients like XPO Logistics,Ford,GM,Ocean Network Express,Deutsche Bank,Morgan Stanley,Swiss Re etc and were selected for Techstars Audi program in Berlin executing use cases for VW/Audi. We met at Ford Mobility Kerbspace challenge solving urban kerbspace challenges with AI route optimisation and bonded over our vision of leveraging technology to create a more sustainable future. The team has since grown to include talented individuals from diverse backgrounds, all united by the common goal of driving positive change in the industry.

3.   Why did you choose to participate in the Paris Techstars accelerator program? What are you looking forward to the most?

We chose to participate in the Techstars Sustainability Paris Accelerator because of its strong focus on supporting startups that are developing innovative solutions to address pressing environmental challenges. The program's emphasis on sustainability aligns perfectly with our mission and values. We are excited about the opportunity to learn from experienced mentors, connect with like-minded entrepreneurs, and tap into Techstars' global network. We look forward to accelerating our growth, refining our product, and making a meaningful impact on the industry during our time in Paris.

4.   What are you the most proud of in your initial journey with your company?

One of our proudest achievements in our initial journey is at Techstars Audi Founder Catalyst Program in Berlin,Germany and executing a use case at Audi to optimize EV fleet routing and reduce emissions. This collaboration validates our technology and demonstrates the potential for our platform to drive real change in the industry.Securing a $3.5 million LoI with a major BaaS provider.We are also proud of the talented and dedicated team we have built, with each member bringing unique skills and a shared commitment to sustainability. Another highlight has been the positive feedback we have received from early customers, who have reported significant reductions in their carbon footprint and operational costs after implementing our solution.

5.   How do you plan to measure the positive impact of your company in the next 5 years? Environmentally focused question.

 Over the next five years, we plan to measure the positive environmental impact of Ride Commerce through several key metrics:

  • CO2 Emission Reduction: We aim to help our customers reduce their CO2 emissions by saving $60,000 annually for 100 vans through optimized routing, increased adoption of EVs, and better fleet management.

  • EV Fleet Adoption: We target increasing the percentage of EVs in our customers' fleets from an average of 10% to 50% within five years.

  • Miles Optimized: We will track the total number of miles optimized through our platform, aiming to reach 1 billion miles by 2027.

  • Clean Energy Integration: We will measure the percentage of clean energy used for charging the EVs managed through our platform, with a goal of reaching 75% clean energy usage.

  • Carbon Offset: For emissions that cannot be eliminated, we will partner with carbon offset projects to help our customers achieve carbon neutrality. We aim to offset 100,000 tons of CO2 by 2027.

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