HICH

About the offering

Hich Company Summary Hich is a zero-commission rideshare platform where drivers own equity, earn more per ride, and pay no commissions—while riders pay approximately 25% less than Uber/Lyft. Instead of taking 60% of every fare like traditional rideshare platforms, Hich charges drivers a flat annual subscription ($199-$999 depending on partnership level) plus a $1.50 per-ride booking fee. Drivers see their exact earnings before accepting a ride, with minimum wage compliance guaranteed on every trip. Launched in Minneapolis in early 2024, Hich signed 3,513 drivers (27% of the city's 13,000 gig drivers) and acquired 7,390 riders in 11 months with zero marketing spend, generating $165K in revenue—11x higher than projected. The company has secured UCare as its first medical transport partner, providing access to Minnesota's $148M non-emergency medical transportation (NEMT) insurance market, with BlueCross and Medical Assistance contracts pending. 20% of company equity is reserved for drivers, with 300+ drivers already enrolled in the shareholding program. The Problem The rideshare industry extracts enormous value from drivers to satisfy Wall Street demands. Uber and Lyft take up to 60% of every fare in commissions, fees, and surcharges. Drivers earn less each year while riders pay more. Drivers feel used, riders feel gouged, and the platforms capture all the value without building real community benefit. This dynamic is particularly acute in immigrant and minority communities, where gig driving is a primary income source—over 70% of Hich drivers are first-generation migrants who regularly send money to their countries of origin. The disconnect between the value drivers create and what they receive fuels resentment and driver churn, which in turn degrades service quality for riders. The Solution Hich replaces the commission-based extraction model with a transparent subscription-and-fee structure. Drivers pay a flat annual subscription ($199-$999) and a $1.50 per-ride booking fee instead of surrendering 60% of every fare. This results in drivers earning approximately 20% more than on Uber while riders save approximately 25%. The driver equity program (20% of shares reserved) creates ownership alignment—drivers are shareholders in the platform they power, not just contractors being extracted from. The platform is expanding beyond rideshare into food and grocery delivery (planned July 2026 launch) and fintech services including merchant payments, peer-to-peer transfers, and international remittances—the latter specifically aligned with the driver base's need to send money to their home countries (Minnesota alone sees approximately $1.3B in annual remittances to East African nations). The NEMT (non-emergency medical transportation) vertical provides institutional contract revenue: the UCare partnership gives Hich access to Minnesota's $148M NEMT insurance market, with BlueCross and Medical Assistance contracts pending. This diversifies revenue beyond consumer rideshare into healthcare transportation, a stable, insurance-reimbursed market. Business Model Revenue comes from multiple streams without extracting excessive value from drivers. Driver subscriptions range from $199-$999 annually depending on partnership level. A $1.50 booking fee applies per ride. Food and grocery delivery (planned July 2026) will add convenience-fee revenue. Fintech services (merchant payments, international remittances) create diversified income. NEMT contracts provide institutional healthcare transportation revenue. The model is designed so platform growth increases driver earnings while strengthening company performance—aligned incentives rather than extraction. The company projects $2.6M in year-one profit after raising, $10M by year three, and $30M by year five, with a goal of exiting via IPO. Traction 3,513 drivers signed in 11 months—27% of Minneapolis's 13,000 gig drivers. 7,390 riders acquired with zero marketing spend. $165K in revenue (11x higher than projected). 42% average monthly growth in bookings. 300+ drivers enrolled in equity shareholding program. UCare signed as first NEMT partner, providing access to $148M Minnesota NEMT insurance market. BlueCross and Medical Assistance contracts pending. Organic demand drove all growth—no paid acquisition. The Wefunder campaign has raised $81,472 from 52 investors (first goal hit). The featured investor ($10K) was referred by a consultant who specializes in taking companies public. Team CEO and Co-Founder Rahul Rajendran started coding rideshare software in 2010 as a side project and has deployed systems across multiple countries now serving millions of rides annually. He currently serves as Senior Vice President of Cybersecurity at JPMorgan Chase—indicating the CEO role at Hich may be part-time alongside a demanding full-time position at a major financial institution. President and Co-Founder Mohamed Yusuf was one of Netflix's early employees and has built and scaled multiple successful businesses including Samos and First Global Money. He owns early childhood education centers and moved to Minneapolis specifically to create a more equitable gig economy. COO Bob Cass is a four-time CEO with three profitable exits and extensive transportation industry experience, having launched new products at BC Transit, Elvin Safety, and Cramer Inc.

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