WTi Cabs targets ₹5K-7K cr annual revenue in 5 years: CEO Ashok Vashist

The company's consolidated revenue for financial year 2025-26 (FY26) stood at ₹826.5 crore, up 50.7 per cent year-on-year (Y-o-Y), while profit after tax (PAT) rose 26.2 per cent Y-o-Y to ₹29.5 crore. The revenue growth was supported by an expansion in its owned and outsourced fleet, deeper presence in smaller cities, and the scaling up of its UAE operations. Its Ebitda (earnings before interest, taxes, depreciation, and amortisation) grew 74.2 per cent, faster than revenue.

WTI's international operations are currently centred on Dubai, where it has around 600 self-drive cars and 30 limousines. The company acquired a limousine business in February 2026. It is now looking to expand into other markets, with London among its next destinations.

“We are looking at some of the Middle East and Southeast Asian countries, some of the European countries where we have a lot of influx of our own people, expats. We'll start with that and then possibly move to some other parts,” he noted.

WTI has registered a company in London and expects to begin operations there shortly.

“We'll go city by city, country by country, understand how the modelling has to be done, what has to be the business model in a particular city and then we'll move on,” he noted.

The company currently manages a portfolio of around 18,000 vehicles across India and Dubai, of which approximately 3,100 are owned and the rest are sourced from fleet partners. It wants to increase its owned fleet to 12,000-15,000 vehicles by 2029 and its total vehicle portfolio to around 60,000, he informed.

The expansion of its owned fleet, meanwhile, has also led to a sharp rise in borrowings in the last few years. WTI's consolidated borrowings increased from around ₹26.4 crore in FY23 to ₹147.2 crore in FY26. Vashist said the company was investing in vehicles where it had better visibility of future revenue, including cars deployed under its FleetPro business for Uber.

“Uber has given you a complete assurance of the revenues for the lifetime of the car. The caveat is that the car has to be owned by you. All these years we were doing business which was more aggregated, and we were ensuring SLAs (service level agreements), training, etc.,” he noted.

Vashist said WTI expected to close FY27 with a revenue of ₹1,100-1,200 crore. He said the company would continue investing in vehicles but would be careful about the customers and contracts it took on to avoid the risk of loans turning into non-performing assets (NPAs).

WTI expects "managed services" to account for more than half of its revenue over the next five years. It hopes managed services to help it bring different transport requirements of a company under one contract. For example, instead of hiring separate vendors for employee transportation, car rentals for temporary use, and vehicle leasing, a company can appoint WTI to manage all these services. WTI would then handle the services under a single contract and send one consolidated bill.

The expansion of its corporate business has also kept customer dues high. WTI's trade receivables—money owed by customers for services already provided—were around ₹210 crore in FY26. Vashist said the company's receivable period had improved from 94 days in FY26 to around 90 days, but could fall by only another five to six days.

“This can come down by a maximum of five or six days if we really work hard on the receivables. But we have some very large contracts and all our clients are Fortune 500 companies. So, payment security is not our concern. It is only because of the process, there are some delays,” he noted.

WTI also plans to enter India's self-drive car rental market in FY28, starting with around 100 vehicles across Pune, Bengaluru, Chennai, and the Capital Region (NCR). The company will initially use its own vehicles and existing rent-a-cab licences in these cities. It plans to use technology already deployed in Dubai for digital rental agreements and remote locking and unlocking of cars.

“We will start with these cities. Maybe there'll be some order in how we are going to start. And we will start with our own fleet because there's something called a rent-a-cab licence. We already have rent-a-cab licences across all the cities," he noted.

The company is also exploring insurance cover for vehicle damage, known as Collision Damage Waiver, which could reduce the need to collect large security deposits from customers. Vashist said such a product was not available in India at present and that WTI was in discussions with potential providers.

WTI's existing consumer-facing business remains limited to chauffeur-driven airport transfers, intercity travel, and cars hired for eight, 10 or 12 hours. Vashist said the company did not intend to spend heavily on advertising or customer acquisition to compete with app-based taxi platforms. It plans to promote the service among its existing corporate customers and through its network of 17 airport counters.

The company is also working on technology such as onboard diagnostics devices and driver alcohol-testing systems. Vashist said the vehicle could be prevented from starting if a driver failed the alcohol test.