Trivandrum can raise 1,000 crores revenue from parking: Binu Girija

“Implementation of an automated parking system across Trivandrum has the potential to generate 1,000 crore rupees in revenue for the government,” says Binu Girija, the founder of Way.Com, the multi-million dollar automotive platform in the US.

The entrepreneur suggests that regulating parking spaces and imposing fines on violations should be entrusted to tech firms with expertise in such areas, ensuring smooth policy implementation.

Binu, a native of Kollam who hails from Anchal, has been involved in automobile services in the US for almost a decade now, witnessing firsthand how technology can alleviate traffic and parking problems.

Way.com now offers a range of automobile services, including financing, insurance, car wash, and roadside assistance, and is currently ranked by Bloomberg as the 48th largest marketplace globally.

Binu views the Indian automotive sector not merely as a business opportunity, but as an area in urgent need of reform. He believes that cities across India require a new roadmap to address the significant economic losses resulting from chaos on their roads.

“We observe problems in Kerala and across India like parking difficulties and chaotic traffic. These issues incur significant economic costs, including fuel expenses, time wastage, accidents, and driver frustration,” says Binu.

“We often discuss India's aspirations to become a developed country. However, to achieve this status, we must streamline various aspects of our infrastructure. Some of these aspects should be privatised, alleviating the government of the burden of managing everything,” Binu explains.

He advocates for a limited role of the government, primarily focused on governance and providing essential infrastructure such as power and water.

Binu notes that in India, there’s a societal expectation for the government to solve all problems, which often leads authorities into areas where they lack expertise.

An example is the Kerala government’s attempt to venture into the ride-hailing sector with an app, which ultimately failed due to a lack of expertise.

In such instances, the concept of public-private partnerships (PPPs) emerges as a practical solution. While the private sector can spearhead operational efficiency, the government can play a pivotal role as a facilitator, creating a conducive environment for progress.

According to the CEO of Way.com, their study shows if a city like Trivandrum implements automated parking, the government stands to gain an annual revenue of 1,000 crores from the parking sector alone.

“The approach entails segmenting the city, meticulously mapping it, and deploying an automated system for collecting parking fees,” he explains.

Currently, hundreds of people are deployed to issue 10-rupee parking receipts, which is a significant waste of time and resources.

However, in an automated system, such steps become obsolete as the system can scan car details and deduct parking fees automatically. Moreover, such an efficient parking system can justify higher parking rates.

In cities like Trivandrum, there’s a lot of unused or vacant land, yet there remains a severe shortage of parking areas. Still, Binu says that even a private enterprise modelled after Airbnb may not find favour with governments.

In the US also, local authorities initially objected to similar initiatives, fearing a loss of control over the sector. However, community pressure eventually overcame these obstacles.

Binu says that it is high time modern technology is employed in places like Kerala to discipline road behaviour. He points out that the economic cost of traffic indiscipline is immense, not to mention the tragic loss of lives it often entails.

While residing in Kerala, Binu commutes from his home in Anchal to his office in Technopark, Trivandrum. “Every 50 metres, I witness a traffic violation. There's an opportunity to convert this into revenue. Imposing hefty fines would reduce violations and accidents while improving the overall driving experience.”

“With these interventions, we can establish and maintain an efficient public transport system and even subsidise tickets from its revenue,” Binu asserts confidently.

Such technological advancements can also extend to areas like garbage collection safeguarding public health and making Kerala more attractive to outsiders. A cleaner state that is easily navigable is likely to attract more tourists.

Binu’s vision for a new roadmap for Indian cities is based on his experience of addressing parking challenges in US cities, which ultimately propelled his company to multi-million dollar success.

Binu, who obtained a BTech degree from Bangalore University in 2000, ventured to the US in 2001 following a brief stint in Dubai.

His inspiration to establish Way.com stemmed from a personal encounter in San Francisco. Binu found himself charged a staggering 39 US dollars for parking for a brief duration, significantly higher than the standard 12 dollars for three hours rate.

This incident served as the catalyst for the creation of Way.com, aiming to provide affordable and transparent parking rates. Over time, the company expanded its services beyond parking, transitioning into a direct-to-consumer (D2C) service provider for car owners, catering to various other needs of vehicle owners.

Initially incubated in Silicon Valley as a parking space aggregator in 2016, the company encountered significant challenges during the Covid-19 pandemic as lockdowns disrupted normal life.

Way.com was compelled to lay off nearly all of its 180 employees in the US as business plummeted. However, the financial assistance provided by the US government to cover salaries prevented the company from going bankrupt.

This experience taught Binu the importance of diversification. Consequently, Way.Com began exploring allied areas in the mobility sector, such as auto finance, insurance, car wash, and roadside assistance.

The company’s app quickly evolved into an automotive super app offering a wide range of car-related services. Operating across all 50 states in the US, it now boasts a user base exceeding 5 million.

In particular, Way.com’s auto insurance vertical offers competitive rates for auto, motorcycle, and home insurance. Policies are activated within just 30 seconds, streamlining the process and eliminating the need for agent interaction.

“We invest significantly in R&D and meticulously develop each product after extensive research. Research constitutes one of our major expenses, and although there have been projects on which we've spent millions to develop, not all have resulted in successful products.”

As the business in the US boomed, so did Way.com’s presence in Kerala. The company had just five employees in a 200 square feet area at Technopark in 2019 and last year moved to a new 28,000 sq ft office inside the park to house its 500 employees, almost double its staff strength in the US.

Beyond the expanding physical space, Binu says that Way.com has also established itself as one of the most generous paymasters in Technopark. “The minimum salary we offer is 4,50,000 per annum, and the highest can go up to around 1.1 crore rupees,” he reveals.

The company's reputation is further underscored by the fact that there were no resignations when Way.com ended its work-from-home policy, a challenge that many well-known companies are still grappling with.

Despite his work primarily being based in the US, Binu says he had always harboured the intention to return and settle down in Kerala.

Currently, his company is engaged in discussions with various stakeholders, including the Kerala government, to explore opportunities in the Indian market.

“However,” Binu clarifies, “we need to carefully study the feedback received before making any commitments.”

Japanese tech to tackle Bangalore gridlock

Staying on the road for a bit longer, Bangalore's traffic woes have earned it the distinction of being the sixth most congested city in the world, according to TomTom, a Dutch location technology specialist. According to the 2023 index, it takes an average of 28 minutes to cover a distance of 10 kilometers in the city. The only silver lining is that the city held the second position in 2022.

To address this situation, Bangalore authorities are set to implement Japanese traffic management technology. The 72 crore rupee project will be executed by Japan’s Nagoya Electric Works and aims to assess queue lengths to operate a centrally controlled system. However, motorists shouldn't expect to zoom through Bangalore's roads anytime soon, as the plan has yet to cover some of the city's most heavily congested areas.

Accelerator for spacetech startups unveiled

Amazon Web Services (AWS) India has unveiled India’s first accelerator programme dedicated solely to spacetech startups. In partnership with Hyderabad's T-Hub and Minfy, AWS will offer a 14-week programme open to both early-stage and mature startups. Applications can be submitted until March 15, and selected participants will have the opportunity to learn about space domain technologies and applications, as well as how to build scalable solutions, according to AWS. A previous study commissioned by AWS found that the utilization of space data and cloud computing has the potential to unlock businesses worth 1 trillion rupees in the Indian SME sector.

Handy sensor for pesticide detection

This type of technology is greatly needed in India, especially in Kerala, where the excessive use of pesticides is a matter of daily debate. With little verifiable data available, social media is rife with scaremongering about the potential health risks posed by pesticide residues on fruits and vegetables. Researchers in Brazil have developed a sensor that can be placed on produce to quickly detect harmful pesticides. What's more, the sensor is portable, low-cost, and made from a plant-based material called cellulose acetate.

A technology slam dunk by NBA

Even if you're not a basketball fan, it’s worth watching clips of the All-Star games held last week, if only for the impressive display of technology. The full video LED court featured flashing emojis, stats, and colourful design changes, all aimed at enhancing the spectator experience, according to the NBA. Innovative technology continues to keep pace with NBA games, with ball maker Wilson recently making available 200 airless basketballs they developed. The price tag for these 3D printed balls? A cool 2,500 US dollars. Nonetheless, the site shows it sold out quickly.