‘Live Bidding’ – What Makes Banana Bike Different from Other Motortaxi Businesses
The Motorbike taxi business in Thailand had gone through a chaotic scene some time back with the exit of some of the major giants in the industry.
Under such a precarious situation, Banana Bike is the latest entry to brave the waters to capture the market in Thailand. What makes them stand out from the crowd and spear ahead? It is the unique concept on which their company is based which is ‘Live Bidding’!
In layman`s terms the company is trying to bring you the motorbike transportation service at the lowest best price possible. Once the destination and pick up locations are entered through their app, the information goes out to all the registered drivers with Banana bike around the region. The drivers quote the price for the journey and you are free to choose from the lot whose service you want to book for the ride. What to note is, the game is slightly changed from the usual by the driver bidding for the lowest price rather than you quoting. The interesting fact is, it is for the first time in the world that the live bidding concept is being put to practice in the taxi business anywhere and the Founders have of course filed for the patent!
Another feature that makes Banana Bike unique and different from others is that they employ only Registered drivers in the country. Yes, the same bike taxi drivers with orange vests that we see on the roads. Thus by using the registered drivers bananabike becomes compliant to all the rules that government has laid out for motortaxi business which was the same reason why some of the major motortaxi businesses had to quit the country.
The app is yet to launch officially but they have already received applications from over 200 registered drivers in Thailand and are still counting.
Starting with Bikes for the present the company has plans to widen their service to tuk-tuks as well in the near future.
What makes them even more incredible is the extension of service from just passenger transport to transportation of deliveries & packages and shopping through Banana Bike from what they call the ‘Seven Shops’.
Essentially a Thai company, Banana Bike is headed by 4 Co-founders, Ying, Noom, Dom and Pop. Leading their own real estate and restaurant businesses these dynamic chaps were impressed with the idea of applying live bidding to Motorbike business. They discussed the possibility and feasibility for around 1 year before deciding to go ahead.
Talking with Bangkok Entrepreneurs, one of the co-founders was sharing how they came up with the name that is Banana Bike! The profit that they make from each ride is just 10 Baht which is equivalent to one ‘Banana’.
The drivers and users have banana symbols assigned to them as credit points and the customer can verify the number by seeing the account. At the end of the ride the user can pay 1 banana credit or 10 baht app fee above the selected driver`s journey price. Visit their website by clicking here: http://bananabike.co/th/
A number of investors are already interested in the idea, but being a new company, they are taking it slow and steady in finding the right partner for the business. To know more about the Startup, Banana credit system, Live bidding concept, Modus operandi and for Investment Opportunities we welcome you to the next Startup Grind event on 10th of October at Four Points by Sheraton, Bangkok for a fireside chat with the Co-Founder Mr.Jak of Banana Bike.