Piggyback Network is an app for carpooling, dedicated to parents and guardians connecting local families that are already driving the same routes.
PiggyBack unites everyday driving families with locals (driving parents) for a safe and reliable youth carpool. Parents use PiggyBack to match with other parents going in the same direction. To be able to drive others, parents pass a national & local criminal background check, a motor vehicle history check, and a check of the national sex offender registry in order to ensure safety. The two parties meet in person and decide if they want to share the ride. Once in agreement, they begin to schedule rides. The pricing model strives to make PiggyBack the most affordable solution. During Peak Travel the pricing is $4.00 Base Fare + 0.75 Per Mile + 5.00 Per Hour and during Off-Peak Travel the pricing is $3.00 Base Fare + 0.32 Per Mile + 0.50 Per Hour. The calculation is done by the inbuilt pricing calculator. The global ride-hailing market is expected to grow from $70.12B in 2022 to $122.48B in 2027 at a CAGR of 15% as per Global Newswire. The company’s expected SOM is $2.8B. The compny believes there is no other company solving the issue in this way.
The company has signed a formal agreement with YMCA Metro Chicago and partnered with the Chicago Arts Program for after-school transportation. Its pipeline includes Youth organizations and schools in Chicago, Austin, Phoenix, Houston, Boston, New York, etc. The revenue for 2022 was $126 against $464 in 2021. The net loss stood at $290k in 2022 and $5.94k in 2021. The company has not generated any revenues in recent months and has a burn rate of $20k/month.
