Founder Interview
How FleetDrive 360 Reached 700 Paying Customers and $420K ARR in Its First Year of Sales (Interview with CEO Om Karamchandani)
- Interview Date
- January 24, 2023
- Interviewee
- Om KaramchandaniFounder and CEO
Company Metrics at Interview Time
Paying Customers (2023)
700
Drivers on Platform (2023)
1,400
Recurring Fee per Driver (2023)
$300 per year
Pre-Seed Valuation
$6.5M
Team Size (2023)
22
Historical Snapshot
These numbers were reported by Om Karamchandani during his interview with Nathan Latka recorded in January 2023 and are a historical snapshot, not current figures. See FleetDrive 360’s current numbers.
Key Takeaways
- 01FleetDrive 360 launched its product in August 2022 and signed 700 paying customers by early 2023
- 02The platform had 1,400 drivers across those 700 customers, averaging two drivers per customer
- 03Recurring fee is $300 per driver per year, with an additional roughly $300 per driver per year in one-time in-app purchases
- 04The company raised $250K as a pre-seed equity round at a $6.5M valuation, plus $250K in debt from a private individual
- 05Cold outreach using data from third-party carrier directories such as Carrier 411 is the primary customer acquisition channel
- 06The team has 22 people total: 7 offshore developers in Bangalore, 7 sales reps in the US, and 6 to 7 operations staff
- 07FleetDrive 360 was founded in 2020 and wrote its first code that year, with the first paying customer in 2022
- 08The company is targeting the US market of approximately 4 million commercial drivers subject to FMCSA and DOT compliance requirements
- 09Om Karamchandani previously owned a 20-truck trucking company in Atlanta before founding FleetDrive 360
- 10The company targets three customer segments: small owner-operators, compliance service providers, and enterprise carriers
Company Metrics at Time of Interview
| Metric | Value | Source |
|---|---|---|
| Paying Customers (2023) | 700 | Founder interview, Jan 2023 |
| Drivers on Platform (2023) | 1,400 | Founder interview, Jan 2023 |
| Recurring Fee per Driver (2023) | $300 per year | Founder interview, Jan 2023 |
| Average Total Sale per Customer (2023) | $500 to $600 | Founder interview, Jan 2023 |
| Pre-Seed Equity Raised | $250,000 | Founder interview, Jan 2023 |
| Debt Raised | $250,000 | Founder interview, Jan 2023 |
| Pre-Seed Valuation | $6.5M | Founder interview, Jan 2023 |
| Debt Interest Rate | 8 to 10% | Founder interview, Jan 2023 |
| Debt Repayment Term | 3 to 5 years | Founder interview, Jan 2023 |
| Team Size (2023) | 22 | Founder interview, Jan 2023 |
| Engineers (Offshore) (2023) | 7 | Founder interview, Jan 2023 |
| Sales Reps (2023) | 7 | Founder interview, Jan 2023 |
| Year Founded | 2020 | Founder interview, Jan 2023 |
| Largest Single Customer (Drivers) (2023) | 17 | Founder interview, Jan 2023 |
Growth Breakdown
Revenue
The recurring fee is $300 per driver per year across 1,400 drivers, implying roughly $420,000 in annual recurring revenue. Om noted that average total sales per customer run $500 to $600, with the other half coming from one-time in-app purchases, putting total annualized revenue meaningfully above the recurring base alone.
Customers
FleetDrive 360 signed 700 paying customers in roughly six months after launching in August 2022. Om stated the company was adding 200 to 300 new customers every month through cold outreach, with the largest single customer at 17 drivers and enterprise prospects in the hundreds to thousands of drivers.
Team
The team totals 22 people: 7 offshore developers in Bangalore (housed within Om's separate IT and BPO company Metromex), 7 sales reps based in the US, and 6 to 7 operations staff. The offshore development center keeps engineering costs lower while the US sales team drives cold outreach.
Funding
The company raised $250,000 in pre-seed equity at a $6.5M valuation and an additional $250,000 in debt from a private individual at roughly 8 to 10% interest with a three to five year repayment window. Om expressed a preference for debt over equity going forward to preserve ownership.
Growth Strategy
Cold Outreach via Carrier Directories
The primary growth channel is cold calling newly registered trucking companies. The team sources contact data from third-party carrier directories such as Carrier 411, which aggregates new FMCSA registrations, and calls those companies directly to pitch compliance services.
Mandatory Compliance as a Built-In Hook
Every new trucking company must pass an FMCSA audit within its first year of operation. Om positioned this regulatory requirement as a natural sales trigger: prospects already know they need compliance support, which shortens the sales conversation.
Expansion into Enterprise Carriers
After establishing a base of small owner-operators, FleetDrive 360 began pursuing enterprise carriers with hundreds to thousands of drivers. Om cited active conversations with prospects having 500, 1,500, and 2,000 drivers, which would dramatically increase revenue per account.
Service Provider Channel
The platform supports compliance service providers who manage compliance on behalf of their own trucking clients. Signing one service provider can bring an entire book of smaller carriers onto the platform, acting as a multiplier on direct sales.
Founder Domain Expertise as Credibility
Om's background running a 20-truck operation and his 25 years in technology implementation gave him direct credibility with prospects. He noted that an FMCSA auditor praised his early system, which validated the product concept and helped him convert early customers through personal referrals.
Best Quotes
“So right now we have about 1,400, and we actually launched this product last year in August. And since then, we have been consistently getting about 200 to 300 customers every every month.”
“So right now we have 670 or about 700 paying customers.”
“So we have multiple products. We have subscription also to our platform, but then we also have annual recurring products. Then we have one time also. Like, you can do in app purchases.”
“About 300 per hour. Per year or a month? Per year.”
“So average sales to customer today is about 500 to 600, and out of which 300 is recurring, which will go towards a recurring, and then rest is one time.”
“It's kind of bootstrapped, but we did do the debt financing. And, you know, we raised 250 k debt and then also 250 k initially, you know, at 6,500,000 valuation.”
“It's primarily cold calling. So we get the data of all the new companies that get registered. We cold call”
“And it's mandatory. Right? Because they they also know that once they get into the trucking industry, they need to do the compliance as as as part of it. Within six months, they're gonna get audited. And if they don't have the information, they will be in a kind of shutdown operation or they will have, you know, certain.”
“Because I think when we start, we know that where we can take this company to, right? You know, right now it's growing and it's growing very fast. So even if I have to give up, you know, a certain percentage of equity, I know it's much more valuable three years from now, which, you know, I can end cash anytime.”
“When I did my first audit with FMCSA and the auditor came and he liked my solution so much. He said, you know, I wish everybody had this. And that's when I started thinking, you know, I should build it.”
What Happened Next
This interview captured FleetDrive 360 at an early stage, roughly six months after its August 2022 product launch, with 700 paying customers and a $6.5M pre-seed valuation. The figures above reflect what Om Karamchandani reported to Nathan Latka in January 2023 and are a point-in-time snapshot. The company was actively pursuing enterprise customers and targeting $3M in revenue for 2023. Visit the FleetDrive 360 company profile on GetLatka for the most current metrics.
View FleetDrive 360’s current profile and metricsFull Transcript
Chapters
- 0:00Host Intro and Company Overview
- 0:56What Is FMCSA and DOT Compliance
- 1:39Pricing Model and Driver Count
- 2:48Paying Customer Count and Customer Profile
- 4:01Om's Trucking Company Background
- 7:07Sponsor Read: Founderpath Valuations
- 10:07First Customer and Product Origin Story
- 12:13Revenue Model and Recurring vs One-Time Fees
- 14:05Funding: Pre-Seed Equity and Debt
- 15:55Preference for Debt Over Equity
- 17:01Team Structure and Offshore Development
- 17:20Customer Acquisition via Cold Outreach
- 18:26Competitive Landscape
- 18:52Famous Five Rapid Fire
- 19:53Closing Recap and Subscribe Pitch
Host Intro and Company Overview
Nathan Latka
00:00Guys, this is a great story of a founder who built a tool for himself. He ran his own trucking company in Atlanta, had 20 trucks. He made 15,000 top line per truck, 5,000 net, ended up selling that business for a three x EBITDA multiple because he got excited about the software, the compliance software for trucking companies. He now has over 700 trucking businesses signed up, which equals 1,400 drivers. They pay on average $300 per year, but
00:24that's just the recurring fee. There's another $300 per year they make per driver on one time fee. So call it around a million dollar run rate today. He's hoping to break 3,000,000 this year, up from 750,000 done in 2022. Hey, folks. My guest today is Om Karamchandani. He is the founder and CEO of a company called fleetdrive360.com. He's a tech leader with a track record of over twenty five years in the space, now working on this comprehensive
00:48cloud based solution to manage FMCSA and DOT compliance. So explain that in a second. Om, you ready to take us to the top?
What Is FMCSA and DOT Compliance
Om Karamchandani
00:56>> Sure. Yeah. Let's do it.
Nathan Latka
00:57Okay. What is FMCSA and DOT compliance?
Om Karamchandani
01:01>> So every trucking company, they have to follow certain guidelines. FMCSA is Federal Motor Carrier Administration, and DOT is the Department of Transportation. So if you have a trucking company or you are driving a commercial vehicle on the road, you need to follow certain guidelines put by FMCSA. And what we have done is we have put together a consolidated one stop shop platform for all the trucking companies to basically
01:35>> fulfill the requirement laid out by the FMCSA.
Pricing Model and Driver Count
Nathan Latka
01:39And and do you charge based off number of trucks they're managing or something else?
Om Karamchandani
01:43>> Number of drivers.
Nathan Latka
01:45Oh, interesting. And so how many how many drivers are on the platform today?
Om Karamchandani
01:50>> So right now we have about 1,400, and we actually launched this product last year in August. And since then, we have been consistently getting about 200 to 300 customers every every month.
Nathan Latka
02:03Okay. New customers per month. And is that new drivers or can one customer have 10 drivers?
Om Karamchandani
02:08>> One customer have multiple drivers. So we have few customers have ten, twenty, 15 drivers as well.
Nathan Latka
02:14What does your largest customer have in terms of number of drivers?
Om Karamchandani
02:18>> So right now we have 17 drivers in one customer, but we are actually talking to three customers. One customer has 500 drivers, one customer has 2,000, and another customer has about 1,500. So those are kind of enterprise customers for us. And initially we were just focusing on the individual, you know, call owner operators, which is, you know, one single person driving the truck and those kinds of things. So we are focusing on that. Now we are
Paying Customer Count and Customer Profile
Om Karamchandani
02:48>> actually getting into enterprise space, which is more larger, bigger carriers.
Nathan Latka
02:53And how many paying customers today?
Om Karamchandani
02:56>> So we have 670 or about 700 paying customers.
Nathan Latka
03:00Wow. Okay. So 700 paying customers making up 1,400 drivers. So average of two drivers per one customer. So these are small mom mainly small mom and pops like types of driving operations. Last mile delivery, I imagine.
Om Karamchandani
03:14>> No. This is last mile plus the long haul, which is the first mile. And yeah, this is over the road. So you'll be surprised there are almost 4,000,000 drivers on the road that, you know, this is a TAM that we are targeting.
Nathan Latka
03:32Is that in a specific geography or is that worldwide?
Om Karamchandani
03:35>> Just The US.
Nathan Latka
03:36Wow. Okay. So where are you based? What state?
Om Karamchandani
03:39>> So we are in Atlanta, but we are actually catered to the entire US, United States drivers.
Nathan Latka
03:48Okay, got it. So you're targeting 4,000,000 or at 1,400 right now, you've got 700 paying customers. You launched last year in 2022. Take me back to your first customer. How did you get that customer signed up and paying?
Om's Trucking Company Background
Om Karamchandani
04:01>> So, you know, I actually owned a trucking company myself. So I come from the technology background. I have done twenty five years of truck technology implementation, large, you know, products and stuff like that. And I started trucking company when I was doing the trucking company, I found this that there's no solution to actually manage your compliance. You know, seven out of 10 trucking companies go out of business because of the compliance issues. Either they are not
04:32>> safe to operate or they have any compliance issues. Every
Nathan Latka
04:35When you say you run a trucking company, like, can I like, how many trucks did you have on your balance sheet for your for your company?
Om Karamchandani
04:41>> 20 trucks at the top.
Nathan Latka
04:44Oh, what's going on there, YouTube? Good to see you guys. Now imagine this. You love watching these interviews with SaaS founders, but imagine if we took all of the valuation data out from over 2,807 interviews I've done manually. Saves you a lot of time. Well, we've done this. We've built it into the beautiful interface inside of Founderpath. Check this out. I'll show you how you can access this in a second, but you log in, you connect
05:07your Stripe account, you see your valuation real time. You can see what it changed over the past eighty eight days and even set goals for valuation this year. Now the secret evaluation is there's many different ways to value a SaaS business. So the reason you're gonna see three or four different valuations inside of your Founderpath dashboard, this is all free by the way, is because depending on who's doing the buying of your SaaS company, you're gonna
05:31get a different valuation. A VC is gonna pay a different valuation, private equity firm is different. If you're gonna do a minority sale, that's different. And if you sell the whole business, that's a different valuation. You can see all those when I hover over here. Right? So the teal is what a VC would pay. Yellow is what private equity and red is if you sold the whole thing outright. Now what's cool about this is this is
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Sponsor Read: Founderpath Valuations
Nathan Latka
07:07interview. So you would actually buy the truck and then you have to make sure they're compliant to actually make money doing deliveries and driving.
Om Karamchandani
07:14>> That is correct. So you have to have a compliant drivers who actually do the drug and alcohol consortium. You also need to have the vehicle maintenance records. You also need to do a lot of additional things on the safety. You get a DOT inspection on the road, and if there's any noncompliance, they will flag you and then your safety scores will take a hit. So all those kinds of things. So when I was doing it, I
07:42>> found that there's no one single solution available that a lot of service provider, what they were doing was they were doing manual, like Excel, you know, OneDrive kind of stuff. And I don't get visibility into my trucking company, you know, how I'm doing, you know, whether I'm safe, I'm compliant, I'm not compliant. And there was nobody could actually give me the services. So I created my own small system because every company has to go through the
08:09>> audit first year within first year. It's called new
Nathan Latka
08:11So when did you write the first line of code for fleetdrive360? What year?
Om Karamchandani
08:16>> 2020.
Nathan Latka
08:17Okay. 2020. And then when did you bring on the first paying customer?
Om Karamchandani
08:21>> It was 2022.
Nathan Latka
08:23But you were the first customer, right?
Om Karamchandani
08:26>> No. I sold my company, but I had a few connections, you know, my friends. Those started using and they really found it very extremely helpful. So they actually brought more customers for me.
Nathan Latka
08:39Well, wait, real quick. I imagine my listeners are curious about the trucking company. So you sold your trucking company that had 20 trucks,
Om Karamchandani
08:45>> Yeah.
Nathan Latka
08:46What what what what would you make an average month on one truck?
Om Karamchandani
08:51>> It's about, you know, you you can make about 5,000.
Nathan Latka
08:57And that's net or gross? That's cash flow net or gross?
Om Karamchandani
08:59>> It's a net.
Nathan Latka
09:01And what what about gross?
Om Karamchandani
09:03>> Gross will be about 12 to 15,000.
Nathan Latka
09:06Interesting. And then the and then the 10 k of expenses, those are things like licenses, paying the driver, all that kind of stuff.
Om Karamchandani
09:13>> That is correct. Yeah. It depends, you know, if you have a, you know, there's there's two kind of things. One is a spot market where you actually go on the load mode and get the loads. Other one is the, you know, contracted rates. You can make the gross revenue anywhere from 12,000 to 25,000. And when COVID hit, it was like even going up to 30,000 a month.
Nathan Latka
09:36So these 20 trucks that you owned were all based in Atlanta?
Om Karamchandani
09:41>> Yeah. My office was in Atlanta, but they were going all across The US. So
Nathan Latka
09:46Did you did you employ 20 drivers full time on your payroll? Or did you let them rent your trucks and then they could do what they wanted?
Om Karamchandani
09:53>> They were my employees.
Nathan Latka
09:54Interesting. Okay. So then where would you get orders from? Like, would you know you needed to take a delivery to Illinois?
Om Karamchandani
10:02>> So there are brokers, and they're called the freight brokers. They basically
First Customer and Product Origin Story
Nathan Latka
10:07are top three?
Om Karamchandani
10:11>> JB Hunt, then TQL, then RCL C. H. Robinson. Those are the five.
Nathan Latka
10:19I'm gonna interview. I'm gonna go get all of them. I'm gonna interview all of them. Okay. So you get your your deal flow, your sales from these freight brokers, and then that and then you deploy your drivers, your 20 drivers.
Om Karamchandani
10:29>> Right.
Nathan Latka
10:30Interesting. Interesting. Now can you finance the trucks? Like, will will someone give you a loan for you to buy the truck and then?
Om Karamchandani
10:35>> Yeah. So I was leasing most of my trucks and only own few trucks because leasing, I have to, you know, not worry about the maintenance and truck, you know, repairs and everything. Our leasing company takes care of those. So I was leasing rather than buying, but a lot of
10:52>> people So that's included.
Nathan Latka
10:53That lease cost is included in the 10,000 monthly expense per truck. Right?
Om Karamchandani
10:57>> That is correct.
Nathan Latka
10:58Okay. Okay. Then you said you sold this. Again, I only know b to b SaaS. How does a trucking company get, like, what you had get valued?
Om Karamchandani
11:07>> So it's normally the EBITDA, three to five times of EBITDA.
Nathan Latka
11:13Okay.
Om Karamchandani
11:14>> Depending
Nathan Latka
11:15If on you're making 5,000 net per truck, multiplied times three x, you sold your company for something like $15,000 per active truck.
Om Karamchandani
11:22>> That is correct.
Nathan Latka
11:23Yeah. Okay. So 15,000 times 20 trucks, you sold it for around $300,000, something like that.
Om Karamchandani
11:28>> That's correct.
Nathan Latka
11:29Why sell it?
Om Karamchandani
11:31>> Yeah. Because I wanted to focus on the technology because I found there's a gap there and this can scale because I cannot scale my trucking company to a thousand trucks, right? It's always a lot of overheads running a trucking company, you know, drivers, you know, insurances, accidents, and stuff like that. But this solution, because I saw that people liked it. So I'll tell you one thing. When I did my first audit with FMCSA and the auditor
12:01>> came and he liked my solution so much. He said, you know, I wish everybody had this. And that's when I started thinking, you know, I should build it.
Nathan Latka
12:09That's amazing. Okay. So what do customers pay you on average today at fleetdrive360?
Revenue Model and Recurring vs One-Time Fees
Om Karamchandani
12:13>> So we have multiple products. We have subscription also to our platform, but then we also have annual recurring products. Then we have one time also. Like, you can do in app purchases.
Nathan Latka
12:25So just looking at the recurring revenue, how much is that? Like, would you say per per customer?
Om Karamchandani
12:30>> About 300 per hour.
Nathan Latka
12:32Per year or a month?
12:33>> Per year.
12:33Oh, wow. Okay. So, I mean, can I take 300 times 700 customers? You're doing $210,000 a year?
Om Karamchandani
12:39>> That's the recurring monthly. Right? Yeah. But it they they pay by the driver. So we have 1,400. So 1,400 times 300. That's what you would do.
Nathan Latka
12:50Oh, so you're doing like 400,000, 500,000 a month in recurring revenue a year in recurring revenue?
Om Karamchandani
12:55>> Yeah. It's based on the drivers, the number of drivers. So every driver, there's a recurring fee on the platform.
Nathan Latka
13:01So if you're doing about five you're, you know, you're doing about
13:0635, $40,000 a month right now in recurring revenue, but it's annualized.
Om Karamchandani
13:10>> 500 k, 400 k a year.
Nathan Latka
13:11How much on top of that do you make off like one time fees and things like that?
Om Karamchandani
13:17>> So average sales to customer today is about 500 to 600, and out of which 300 is recurring, which will go towards a recurring, and then rest is one time.
Nathan Latka
13:29So it's sort it's like a fifty fifty split?
Om Karamchandani
13:31>> Yeah. Would say.
Nathan Latka
13:32Yeah. Yeah. So did you well, you do you'll do more than a million dollars in revenue then over the next twelve months?
Om Karamchandani
13:37>> That is correct. Yeah. So That's awesome. 2023 yeah. 2023, we are targeting actually 3,000,000 with all these big customers like enterprise customers. So right now, our platform can cater three categories. One is the small carriers, which is mom and pop shops. Then second one is the service providers like, you know, I was using a service provider who was doing compliance for me. They have their own customer. They can use our platform to support their customers. And
Funding: Pre-Seed Equity and Debt
Om Karamchandani
14:05>> the third one is enterprise, big companies like, you know, J. B. Hunt or any big, you know, trucking company has 1,000, 2,000, 5,000 trucks, they can use our platform as well.
Nathan Latka
14:18And if you're targeting 3,000,000 this year, what did you finish within 2022?
Om Karamchandani
14:24>> 2022, we finished with about 700 to 800.
Nathan Latka
14:27Okay. But we started only half of the year.
Om Karamchandani
14:30>> Right? You know, we only did from the yeah.
Nathan Latka
14:34We'll say 750 there. And so have you bootstrapped all this or have you raised capital?
Om Karamchandani
14:40>> It's kind of bootstrapped, but we did do the debt financing. And, you know, we raised 250 k debt and then also 250 k initially, you know, at 6,500,000 valuation.
Nathan Latka
14:55So as your pre seed round?
Om Karamchandani
14:57>> Yeah. Kind of.
Nathan Latka
14:58Interesting. And and when you raise the dilute the debt, what is the interest rate that you pay on that?
Om Karamchandani
15:06>> I don't remember. Sorry. I I think it's prob probably in the 10 eight or 10 something.
Nathan Latka
15:12How much time do you have to pay it back?
Om Karamchandani
15:15>> I think we have about three years, three to five years.
Nathan Latka
15:18Three years. And was this from a bank or a government or an individual?
Om Karamchandani
15:21>> No. It's just a private private private owner.
Nathan Latka
15:24Oh, so it's like a friend of yours that's rich or something?
Om Karamchandani
15:26>> Yeah. Yeah. Yeah.
Nathan Latka
15:27Oh, I see. Why did he or she wanna give you debt instead of equity?
Om Karamchandani
15:33>> Because they didn't know much about, you know, so I think it was 50-50. So I told you, right, 250 was for the equity and 50%, you know, 250 they gave on the interest. They just wanted to balance it out.
Nathan Latka
15:45Okay. Well, that's good. That helps you save a little bit of equity.
Om Karamchandani
15:47>> Right.
Nathan Latka
15:48How has the debt worked for you? Has it has it been good? Will you do more debt in the future, you think?
Om Karamchandani
15:52>> I would do the debt in future for sure.
Preference for Debt Over Equity
Nathan Latka
15:55More than equity?
Om Karamchandani
15:56>> More than equity.
Nathan Latka
15:57Why is that?
Om Karamchandani
15:59>> Because I think when we start, we know that where we can take this company to, right? You know, right now it's growing and it's growing very fast. So even if I have to give up, you know, a certain percentage of equity, I know it's much more valuable three years from now, which, you know, I can end cash anytime.
Nathan Latka
16:18Yeah. Yeah. Well, Founderpath's got a $150,000,000 fund and all we do is non dilutive capital to SaaS founders. So we could give you up to 50% of your ARR at a rate a discount rate, something between 7-12%. So we'll chat afterwards. I'd love to help you out.
Om Karamchandani
16:34>> Sure. That's awesome.
Nathan Latka
16:35Alright. Alright. Tell me more about your teams today. How many folks are full time?
Om Karamchandani
16:39>> So we so I, you know, we have an offshore development center in Bangalore. My other company like Metromex, we do a lot of IT and BPO. So we have about seven people developers. We have seven or eight salespeople onshore in US. And then we have about six or seven operations folks.
Team Structure and Offshore Development
Nathan Latka
17:01Okay. So like twenty twenty two people, something like that. Six of them offshore DevShop. Okay. Yeah. This makes ton this makes tons of sense. Now let me think. What else am I missing here? I mean, how do you go from how do you go you mentioned you're adding 200 to 300 customers per month right now. That's incredible growth. How are you adding customers?
Customer Acquisition via Cold Outreach
Om Karamchandani
17:20>> It's primarily cold calling. So we get the data of all the new companies that get registered. We cold call And how do get that data?
Nathan Latka
17:28Is that public? The government you're required from a government directory?
Om Karamchandani
17:32>> There are third party companies who actually, you know, provide access to the data and they collect all the data from, you know, different sources.
Nathan Latka
17:40What's the name of a a day a truck data company that you can get a lot of this data from?
Om Karamchandani
17:45>> I would say one name that I know is Carrier four one one.
Nathan Latka
17:49Carrier what?
Om Karamchandani
17:50>> Four one one.
Nathan Latka
17:51Oh, carrier four one one. And they'll tell you, like, how many new truck companies are registered in California in the past thirty days?
Om Karamchandani
17:59>> That's correct.
Nathan Latka
18:00And then you get their phone number and just call them and say, let's make sure you're compliant. It's a $300 a year per driver.
Om Karamchandani
18:06>> Yeah. And it's mandatory. Right? Because they they also know that once they get into the trucking industry, they need to do the compliance as as as part of it. Within six months, they're gonna get audited. And if they don't have the information, they will be in a kind of shutdown operation or they will have, you know, certain.
Competitive Landscape
Nathan Latka
18:26So if this is required, imagine there's a of companies doing this. Who's your biggest competitor?
Om Karamchandani
18:30>> So I would say JJ Keller and Foley Services. Those are my competitors, but they don't Sorry. Name the s
Nathan Latka
18:38Say the first one again. What was their name?
Om Karamchandani
18:39>> JJ Keller.
Nathan Latka
18:42JJ Keller. Interesting. Okay.
Om Karamchandani
18:44>> And Foley Services, f o l e y services.
Nathan Latka
18:48Okay. So no are they software as well or no?
Famous Five Rapid Fire
Om Karamchandani
18:52>> They have a little bit of platform, but it's more manual. You know, they just manage the processes, but not the platform.
Nathan Latka
18:58Yeah. Well, listen. This is a heck of a story. We hope you hit your 3,000,000 target this year and hit that big growth rate and stay, you know, keep using non dilutive capital to keep your equity. Om, we're out of time here though. Let's wrap up with the famous five. Number one, what's your favorite business book?
Om Karamchandani
19:12>> Zero to one.
Nathan Latka
19:14Number two, is there a CEO you're following or studying?
Om Karamchandani
19:17>> My all time favorite is Steve Jobs. But I right now, I'm following, you know, Warren Buffet.
Nathan Latka
19:23Number three. What's your favorite online tool for building fleetdrive?
Om Karamchandani
19:28>> So we use the Microsoft team a lot.
19:30>> Yep.
Nathan Latka
19:31Number four. How many hours of sleep do get every night?
Om Karamchandani
19:34>> About five or six.
Nathan Latka
19:36And situation, married, single kids?
Om Karamchandani
19:39>> Married with two kids, one in college, one in high school. Two teenagers.
Nathan Latka
19:42That's amazing, Om. And how old are you?
Om Karamchandani
19:46>> I'll be turning 50 this this August.
Nathan Latka
19:48Very cool. So 49 years on young. Last question, something you wish you knew when you were 20.
Closing Recap and Subscribe Pitch
Om Karamchandani
19:53>> I should have started when I was in 20. I started very late.
Nathan Latka
19:58Guys, this is a great story of a founder who built a tool for himself. He ran his own trucking company in Atlanta, had 20 trucks. He made 15,000 top line per truck, 5,000 net, ended up selling that business for a three x EBITDA multiple because he got excited about the software, the compliance software for trucking companies. He now has over 700 trucking businesses signed up, which equals 1,400 drivers. They pay on average $300 per year, but
20:22that's just the recurring fee. There's another $300 per year they make per driver on one time fee. So call it around a million dollar run rate today. He's hoping to break 3,000,000 this year, up from 750,000 done in 2022. It's fleetdrive360.com. One more thing before you go. We have a brand new show every Thursday at 1PM central. It's called Shark Tank for SaaS. We call it deal or bust. One founder comes on, three hungry buyers, they try
20:47and do a deal live and the founder shares back end dashboards, their expenses, their revenue, ARPU, CAC, LTV, you name it, they share it and the buyers try and make a deal live. It is fun to watch every Thursday, 1PM Central. Additionally, remember these recorded founder interviews go live. We release them here on YouTube every day at 2PM Central. To make sure you don't miss any of that, make sure you click the subscribe button below here
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