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In Mexico, over 14 million people work "gig jobs," through delivery or driving apps.
“Gig Jobs” are one-third of the working economy in Mexico. While many of these jobs provide flexibility and opportunities that were not available before, several “gig jobs” have barriers to access, one glaring challenge is access to a motor vehicle.
Enter Veikul. It is not a standard rental car company - It’s a way to connect people without motor vehicles to the delivery gig economy.
Veikul makes it easy to find a car, book it, and start earning. No more worrying about car payments or repairs - Veikul takes care of that.
Not just Another Car-Sharing Service
Veikul is not just another car-sharing service. It's a reimagining of the gig economy, specifically designed to address the unique challenges faced by carless individuals in Latin America. Veikul seamlessly connects gig workers with reliable vehicles and digital platforms, unlocking new opportunities for income generation and economic growth.
Veikul's founding team, driven by a passion for their home country, Mexico, identified a critical barrier to economic development: lack of access to motor vehicles hindering participation in the prosperous gig economy. Sebastian, co-founder of Veikul, inspired by research during his time at Harvard, envisioned a platform that could empower individuals and revolutionize the gig landscape.
Veikul provides a reliable and constant supply of gig workers to different types of businesses. Ride-hailing companies such as Uber and DiDi, e-commerce platforms like Mercado Libre and Envia Flores, as well as fulfillment centers like Cubbo, Melonn, Moova and Dropin use Veikul as a solution for their day to day operations. Because reliability matters, through Veikul´s platform companies have seen an improvement in their main KPIs (On Time, NPS, Churn and LTV).
Unlocking Earnings, Effortlessly
Car ownership remains an unattainable dream for many aspiring gig workers. This limitation restricts their earning potential and excludes them from a potentially transformative source of income. Veikul tackles this head-on by providing:
- Efficient Job Allocation: Algorithms intelligently match individuals with the right vehicles and gigs based on location, skills, and platform requirements.
- Real-Time Vehicle Access: A network of readily available vehicles removes the burden of car ownership, allowing workers to focus on earning.
- One-Stop App: A streamlined platform simplifies gig work, integrating job discovery, vehicle booking, and payment management in a single, user-friendly interface.
“With data-driven matching, seamless integration with gig platforms, and a one-stop app, we reduce car dependency while enhancing the efficiency of gig work.” Sebastian Pena Laris, Co-Founder Veikul
Founders
Veikul’s Ripple Effect
Veikul's impact transcends mere car access through the following ways:
- Boosts Labor Productivity: Efficiently connecting workers with resources translates to enhanced income and improved operational efficiency for gig platforms.
- Promotes Equitable Income Opportunities: Veikul unlocks the gig economy for previously excluded individuals, fostering financial inclusion and social mobility.
- Drives Economic Development: Increased participation in the gig economy stimulates local economies and contributes to overall national growth.
Veikul became more than just cars; it became a safe and reliable platform, empowering gig workers and protecting vehicle owners.
With more than 200,000 tasks completed in 2023, Veikul has approximately 100 active cars and 700 onboarded gig-workers in Monterrey, Guadalajara, and CDMX.
Additionally, Veikul has a current wait list of more than 8,000 drivers waiting to utilize Veikul's platform.
Initial Road Bumps
At first Veikul underestimated security concerns. As Sebastian told VC Mexico, “ We started as a carsharing company and during the first month of operations we got 2 cars stolen from our Monterrey hub. At that moment we knew that we needed to adjust.”
The co-founder was then approached by one of the main retailers in Mexico and asked to start a pilot of an e-2-e grocery delivery service in one store in Monterrey. Leveraging the development of their car sharing platform, Veikul created a localized carsharing solution around each store. The model was a success, therefore they replicated it across different locations and clients, leading to what Veikul is today.
Market Opportunity
Mexico's booming gig economy, where people earn money through temporary jobs via apps, holds a huge opportunity for Veikul's groundbreaking platform. Here's why:
Rapidly Growing Market:
- 5.3 million gig workers currently operate in Mexico, projected to double by 2027. Translating to a growing addressing market of potential Veikul users.
- Stagnant car ownership: Despite the gig economy boom, car ownership remains stuck at 30% in Mexico, creating a vast demand for Veikul's vehicle access solution (IMCO).
Untapped Potential:
- Debt-burdened car ownership: With 59% of vehicle purchases financed through credit, gig workers often face unfavorable terms, impacting their earnings. Veikul offers a cost-effective alternative.
Conservative Estimates, Ample Opportunity:
- Scalability beyond Mexico: The success of Veikul's model can be replicated in other LATAM countries with similar gig economy dynamics and car ownership limitations.
Veikul is not just filling a market gap; it's transforming the gig landscape. By providing sustainable car access, Veikul unlocks economic opportunities for individuals, boosts platform performance, and fuels economic growth.
Advice for Aspiring Entrepreneurs
“Never give up! Don't let anything or anyone tell you that you are not good enough or that your idea will not work! The important thing is to try, learn and iterate! Good founders will always find capital!” - Sebastian Pena Laris
In the journey of entrepreneurship, every challenge is an opportunity to learn and grow. Believe in your vision, embrace obstacles with passion and determination. With resilience and persistence, forge your own path to success. The future belongs to those who dare to pursue their dreams courageously! - Fernando Medina Bolio
