VANDE MUMBAI!
The Indian Railways’ flagship train is expected to redefine urban rail transportation in India’s commercial capital
► MENTION THE MUMBAI LOCAL and the images that come to mind are of an urban rail transportation system that is efficient and functional, yet during peak hours can be packed to the hilt, hot, dirty, and dangerous. So, by the journey’s end, one often ends up feeling like a crushed vada pav. On the other hand, mention Vande Bharat and the Indian Railways’ flagship semi-high-speed passenger train conjures up images of comfort, cleanliness and a safe travel experience. Although the Mumbai local may be Mumbai local and Vande Bharat may be Vande Bharat, the two are set to meet in the not-too-distant future to create what is expected to be a sublime travel experience for Mumbai’s 22.9 million denizens.
On May 19, when the Railway Board approved the procurement of 238 Vande Bharat rakes to serve on the 158-year-old Mumbai suburban rail network, it caused a flutter. The locals are going to be completely overhauled under the Mumbai Urban Transport Project (MUTP). The rakes will be acquired under the MUTP-3 and MUTP-3A phases with budgets of `10,947 crore and `33,960 crore, respectively. This will be overseen by the Ministry of Railways and the Maharashtra government. Business Today learns that work on tendering is already underway. “Timelines will be drawn soon as the tender documents are ready,” inform officials of the executing agency, Mumbai Rail Vikas Corp. (MRVC).
Forty-seven rakes of 12 cars each will be acquired under MUTP-3 and the rest in the MUTP-3A phase. “This is initial sanction obtained
under MUTP-3 and 3A for the procurement of rolling stock and setting up maintenance facilities,” say officials. The latter especially provisions for one of the most stringent maintenance requirements drawn up by the railways over the next 35 years for a technology partner. Other than rolling stock, expansion of the existing lines and construction of new corridors will also be undertaken.
A NEW WAY
But will it match the hype? Yes, say officials. The new trains will be air-conditioned with an automatic door-closing system and vestibuled coaches. They will offer uniform seating and efficient LED lighting in coaches, which will also be equipped with large display panels for infotainment and indicators for stations on the exit side. Passenger safety will be ensured through CCTV surveillance and a talk-back system.
The seating arrangement, comprising ergonomically designed seats, will be the same as the existing electric multiple unit (EMU) trains. A key differentiator will be separate air-conditioned vendor compartments located at either end of the train. “There will be vendor compartments in Vande Bharat local too. However, the luggage compartment will have to be segregated from the air conditioning vents so that the smell of items like fish does not inconvenience commuters,” say officials.
“The decision to procure Vande Bharat rakes reflects the government’s long-term vision for suburban rail networks and reinforces its commitment to providing worldclass transportation facilities to commuters,” affirms an excited Subhash Chand Gupta, Chairman and Managing Director of MRVC.
Mumbaikars have longed for an advanced public transport system, say experts. “Introducing upgrades to existing coaches would be a viable option. This could include improvements in seating arrangements, airconditioning, cleanliness and passenger comfort,” says Jagannarayan Padmanabhan, Senior Director at CRISIL Market Intelligence.
The Vande Bharat local could also address concerns about public transport in Mumbai. “While the current metro being built may not directly compete with the existing [suburban] rail routes, providing a seamless and uniform experience across both modes of transportation is important for passengers,” remarks Padmanabhan.
EASE OF LIVING
It is equally crucial for the railways to assess the post-Covid-19 drop in ridership. From a high of 7.6 million passengers a day in FY20 to 6.1 million in FY23, daily ridership has declined nearly 21 per cent. “By focussing on enhancing the suburban rail network and potentially introducing the Vande Bharat local, the authorities can cater to the growing needs of Mumbai’s residents,” says
► A GURUGRAM-BASED start-up recently found out just how much things have changed with the onset of the funding winter. The firm is looking to raise funds, but it was stumped by a request from potential investors: Hire a chief financial officer (CFO).
“We are looking for a CFO who has previous experience in fundraising,” the founder tells Business Today on the condition of anonymity.
Another start-up, this one based in Chandigarh, has been on the hunt for a CFO for three months, but for a different reason. “With the funding winter setting in, we want to keep track of our finances. Earlier, we were able to manage with a part-time CFO. But now, keeping track of every penny is important,” says the founder of the company.
SEARCH PARTY
Over the past few months, start-ups have launched a frantic search for CFOs, and not just the small ones. In January, fintech major BharatPe hired former SBI Card CFO Nalin Negi. Surprisingly, the fintech unicorn had functioned without an officially-appointed CFO since its inception in 2018. It had appointed professional services firm Alvarez & Marsal as the interim CFO after Co-founder Ashneer Grover’s ouster.
BYJU’S, the world’s most valuable edtech company, appointed a CFO in February after running into a series of controversies. Ajay Goel, a finance veteran with previous experience in companies like Vedanta, was entrusted the job. Apart from these, other names like Dealshare, Zepto, and Coinswitch have also appointed CFOs over the past few months.
THE SHIFT
What is driving this sudden change? Experts believe the past
NOT FOCUSSING ON JUDICIOUS DEPLOYMENT OF FUNDS IS ONE FATAL TRAP THAT FOUNDERS ARE NOW TRYING TO AVOID