Schedule of ECO Mobility
| Issue open date | 28 Aug 2024 |
| Issue close date | 30 Aug 2024 |
| UPI mandate deadline | 30 Aug 2024 (5 PM) |
| Allotment finalization | 02 Sep 2024 |
| Refund initiation | 03 Sep 2024 |
| Share credit | 03 Sep 2024 |
| Listing date | 04 Sep 2024 |
| Mandate end date | 14 Sep 2024 |
| Lock-in end date for anchor investors (50%) | 02 Oct 2024 |
| Lock-in end date for anchor investors (remaining) | 01 Dec 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About ECO Mobility
Incorporated in 1996, ECO Mobility provides chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers operating in a range of industries including IT, BPO, consultancy, healthcare, e-commerce, and manufacturing, including Fortune 500 companies in India, for more than 25 years operating a fleet of more than 12,000 economy to luxury cars, minivans, and luxury coaches. In Fiscal 2024, it provided CCR and ETS to 42 Fortune 500 companies and 60 BSE 500 companies, among others, in India.
As of March 31, 2024, The company has built a pan-India presence in 109 cities through its own vehicles and vendors, spread across 21 states and four union territories in India. Its operations in 97 cities in India are conducted through vendors. In Fiscal 2024, The company serviced the CCR and ETS requirements of more than 1,100 organizations in India. In Fiscal 2024, through CCR and ETS segments, The company has completed more than 3,100,000 trips averaging at more than 8,400 trips in a day. The clientele of the company includes Indigo, HCL Corporation, Safexpress, Deloitte Consulting India, Urban Company), IndusInd Bank, HDFC Life Insurance, Walmart Global Tech, and so on.
Financials of ECO Mobility
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹ 601.20 crores |
| Fresh Issue | – |
| Offer for sale | ₹ 601.20 crores |
Strengths
- An established brand built over years through operational excellence: The company’s vehicles are equipped with best-in-class amenities and are driven by professionally trained and verified chauffeurs along with the convenience of a single point of contact for all the mobility-related needs of corporate customers, 24×7 manned customer care, high standards of safety and hygiene.
- India’s largest and most profitable chauffeur-driven mobility provider: The company is India’s largest in terms of revenue and profit after tax in the chauffeur-driven mobility provider market for Fiscal 2023. With a presence in 109 cities in India, The company’s large fleet size and presence in both ETS and CCR positions them well to capitalize on the growth in the ETS and CCR markets.
- Comprehensive technology ecosystem enabling operational superiority: By focusing on ensuring seamless integrations across front-end applications and back-end systems, The company has managed its service offerings and improved operating efficiencies by integrating service functions and ensuring accuracy, reliability, and swiftness in its operations. The company has a Chauffeur mobile app, Customer mobile app, and other tools to achieve its objectives
Risks
- Dependence on vendors: The business depends on its relationships with vendors who supply vehicles and chauffeurs to them. Any adverse changes in such relationships, or inability to enter into new relationships, could adversely affect the business operations.
- Reliance on top clients and lack of long-term contracts: The Company derives 33% of its revenue from the top 10 clients, As they do not have long-term contracts with these customers. If one or more of such customers choose not to utilize the company’s services or to terminate contracts or agreements, The business operations, and cash flows may be adversely affected.
- Offer for sale issue: The company will not receive any proceeds from the Offer for sale. The selling shareholders will receive the net proceeds from the Offer for sale.
- A downturn in Global Capacity Centers: Any downturn in Global Capacity Centers (GCC) would create an adverse impact on the revenue from customers in the ETS business segment, cash flows, and financial conditions as the company currently derives nearly 67% of its revenue from the ETS segment.