Modernizing Car Keys
Gurugram-based startup Keydroid is revolutionizing the car accessory market by offering smart keys that bring modern technology to the humble car key. Founded by Rajat Jaiswal, an airline pilot and automotive enthusiast, Keydroid aims to fill a gap in the market for customizable, technologically advanced car keys.
The Genesis of Keydroid
In 2020, amidst the COVID-19 pandemic, Jaiswal began working on developing a smart key prototype. A year later, he succeeded in creating a fully functional model, marking the inception of Keydroid. Despite the automotive industry evolving with innovations like electric vehicles, autonomous driving, carbon fiber designs, and alternative fuels, Jaiswal identified that car keys had remained largely unchanged. This realization sparked his mission to modernize car keys.
Investment and Early Development
The founders bootstrapped Keydroid with an initial investment of around Rs 50 lakh from personal savings and a loan. This investment helped them develop and launch their range of smart keys, which cater to car owners looking for an upgrade beyond traditional vehicle components like alloys, tires, and stereo systems.
Product Offerings
Keydroid offers five smart key variants: Tron, Nova, Blade, Edge, and Slate, with prices ranging from Rs 14,000 to Rs 17,000. Additionally, they have introduced a limited edition Gold Tron variant featuring a satin gold finish. These keys boast features such as proximity lock, safety window lock, auto window shut-on locking, UI HD full touch display, USB charging port, phone number display to track lost keys, valet management, and car tracking. They also offer more than 200 days of battery life.
Upgrading to a Smart Key
Customers can upgrade to a smart key by placing an order on Keydroid’s website and sending their existing car key via an insured method. Once received, the key undergoes a conversion process that typically takes a few hours, after which the fully functional smart key is shipped back to the customer. This process is reversible, allowing future restoration of the original key.
Advanced Features and Security
Keydroid’s smart keys feature proximity locks that lock the vehicle when the key moves away and unlock it when it comes close, based on a user-adjustable trigger circle. They use Bluetooth-based trigger circles to activate key functions when the user is near the vehicle. Keydroid has also integrated a ‘KeyBridge’ device for software upgrades, connecting the original key’s PCB to the Keydroid system without requiring any modifications to the car.
Remote Monitoring
The smart keys allow for remote monitoring through a Push Start system equipped with a 4G system and data SIM card. This feature enables users to unlock, lock, or start their vehicle from anywhere in the world, providing peace of mind and security status updates even when they are not physically present.
Manufacturing and Customization
Keydroid’s manufacturing unit in Noida produces custom car key fobs tailored to the specifications of various vehicle models. Customers can customize their key fobs to match the exact shade code of their vehicle. The keys come with a one-year warranty, extendable to two years, and lifetime service support. Keydroid’s sub-brand Nerve offers a range of car fragrances, including electrical diffusers, hanging diffusers, and mist sprays. They also provide leather cases, dual dashcams with auto-dimming mirrors, and keyfinder location trackers.
Business Model and Growth
Keydroid generates revenue through the sale of smart car key products, repair services, extended warranties, push start system installations and accessories. The startup has sold nearly 3,000 keys so far and is adding 100-150 new users to its platform monthly. With only eight months of sales, the company has recorded a total turnover of Rs 1 crore, with sales growing at a rate of 20% quarterly.
Revenue Targets and Expansion Plans
Keydroid aims to achieve Rs 50 lakh in revenue in the first quarter of FY25 and Rs 60 lakh in the following quarter. They plan to meet these targets by introducing new product categories, increasing inventory, and launching a budget-friendly key variant called Keydroid Hexa. The company sells its products through its website and Amazon and operates 18 offline stores. They plan to expand their dealership network to 50-55 locations across India within a year.
Logistics and Operational Challenges
Establishing an efficient supply chain has been challenging, particularly in handling customer key collection and transportation to the lab for transformation. Overcoming these hurdles required substantial digitization and automation efforts, leading to streamlined operations and enhanced business processes.
Market Competition
Keydroid competes with other players in the car accessory market, such as Gurugram-based Grandpitshop, Boodmo, and Rartogo. However, Keydroid distinguishes itself with its touchscreen smart keys and premium car accessories. The automotive aftermarket industry is experiencing rapid growth, with India contributing nearly $2 billion to the global market. This growth is driven by rising disposable incomes and increasing demand for car customization. Keydroid is well-positioned to capitalize on this trend with its innovative products and expanding market presence.
Read more: Marketing News, Advertising News, PR and Finance News, Digital News
