CEO Insights Magazine

“Do not follow where the path may lead. Go instead where there is no path and leave a trail.” This profound maxim best describes the journey of Sumit Roy. While many youngsters prefer to hold down a polished career path with handsome pay, Sumit realized that ‘secured job’ was not his thing. He wanted to carve his own path, build something from scratch, and set new benchmarks in business. Unlike people who just talk about achievement, growth, strategies, and more philosophy of success, he took necessary actions to make a visible difference in his niche. His persevering actions sprouted right during his college days at SRM. “I have never attended a job interview in my life. I was very clear about my goals and what I wanted to do with my life,” remarks Sumit.

He describes his life at SRM to be phenomenal and enduring, which ultimately helped him to evolve into the person that he is today. The journey equipped him to become an ardent problem solver and leader. With a persistently promoted entrepreneurial spirit, laser-focus, ambition, sheer will, and the willingness to take calculated risks, he plunged into business and is listed among one of the top alumni of SRM University. In an exclusive conversation with Sumit, the CEO Insights' team traces his journey.

Brief us on your professional back ground and experiences.
I graduated from SRM in July 2017 and incorporated Fidomotus a month after completing college. I have always loved cars and wanted to do something related to it. This interest in cars coupled with my fascination for technology and knowledge in computer science engineering laid the foundation of my venture.

Speaking of professional experiences, I have never attended a job interview in my life. I was very clear about my goals and what I wanted to do with my life. I told my family that I don't want to take up a job, and as expected, they were hesitant. After convincing them, the company was started from my bedroom with a fund of Rs. 2 Lakh saved during college. In 2018, I rented my first office space of 100 square feet, however, since then we have been growing very well.

What inspired you to establish Fidomotus and what drives you today?
As mentioned already, cars were my fascination and broadly there are four ways to get into the world of cars: The first two ways, i.e Manufacturing and Retailing needs huge investment.

The third option was to become a technician,which as a computer science student I didn’t want to. The last option was to get into the business of used cars, which is twice the size of the new car industry in India. This big industry is extremely unorganized, even with increasing tech players and startups. Also, this is a shady grey area prone to a lot of malpractices. The drive was to make a difference in the used car industry with trust, transparency, and support while ensuring the buyer experience is at par with purchasing a new car.

Could you tell us about the unique experiences SRM University offers and what did you learn from the campus beyond academics?
Life at SRM has been the root of everything that I am today. The college gives equal importance to academics and extracurricular activities; that is where I learned my management skills. From being a volunteer in the first year to an organizing committee member in the second year, a core team member in the third year, and the president of a fest in the final year, I have worn all the hats. The experience taught me to manage funds for multi-crore valued events and gave me the confidence to reach out to big stars or chief guests. The exposure is unparalleled and nothing can give you that except college life.

Honestly, it is not just the college but also the hostel life, which I believe everyone should experience at least once in their lifetime. People should move out of their comfort, leave home, stay away from their parents, and learn to be independent. Today I see the students who haven't even visited the college due to the pandemic and I really feel bad for them for not experiencing it.

How would you define Fidomotus as an organization and its current position in the market?
We are a tech-enabled pre-owned automotive company. FidoMotus not just helps buyers find the right car with online to offline models, but also provides Pan India Warranties, Roadside Assistance, and Service on all cars.

We believe in delivering high-quality cars and assisting our customers to maintain them by providing 1-year free service and complete diagnostic and repair services with the help of our inhouse tech and mechanical team. We are today standing at annual revenue of 10 crores and doubling it each year. It has been a fantastic journey of growth and we are extremely proud to have happy customers who have rated us 4.9 out of 5 on google. Also, we are recognized among the top three used car companies in North India.

What’s making customers prefer Fidomotus?
We are certainly an impactful brand and this is very evident from our customers’ feedback. I've not spent a single penny on marketing and

have more than 80percent customer retention rating, which is absolutely unheard of in this industry. We offer lifetime value to our customers. I am still in touch with our first customer because we closely watch all the customer requirements. Right from sending timely service reminders to offering free pickup and drop services, and a 24/7 active helpline; from a small scratch to big issues, we are always there for them. It's beautiful to experience customer loyalty, and I'm thankful to the team who have been working relentlessly to make this happen.

Elaborate about the technology framework built within the company’s solutions.
We are launching another wing of the company called Six Sense Mobility. It's been about four years since we began to research a technology that could offer realtime information about cars, especially when there’s an accident. This apart, even getting car service done costs you a day of your weekend. As a solution to the issues, we are working on connected car technology and trying to make it available to every body. Buying a new car with such technology is going to cost at least 20 to 25 lakhs. We are bringing the same technology to regular cars; be it Maruti or Mercedes. People can plug it into their vehicle and it instantly turns into a smart connected car, reducing the cost drastically.

This will be helpful to track, immobilize, and detect accidents along with the impact caused based on speed, location, and other factors, and also send automatic alerts to helplines. The system will run constant diagnostics and figure out the malfunctions in the car, or if there will be any issues in the future. We have face identification, alcohol detection, and more; which will be initially launched for the B2B segment and later for private cars as well.

We have faculties from IIT on our Advisory Board, which includes the former Director of IIT Delhi - Dr. Ramgopal Rao, Dr. BK Panigrahi the Head of Center for Research, Automotive Research and Technology, and Dr. Gourav Dwivedi from the department of Management Studies. We have received enormous support from them while being officially incubated at IIT Delhi. We also received a grant from the Ministry of Electronics and Information Technology for developing this technology further. Part of our team is also working on the most advanced AI for autonomous cars.

Sumit Roy, Founder, Fidomotus And Six Sense Mobility
Technocrat and business leader who is future-proofing the automotive industry by creating and implementing revolutionary ideas and technologies. Sumit Roy loves creating something that adds value and his success mantra is clarity in goals, persistence, and smart work. He is a trained classical singer and enjoys playing the keyboard and guitar whenever he finds time