In a bid to address the growing concerns of vehicle theft across the country, the Hon’ble Supreme Court of India mandated the use of High-Security Registration Plates (HSRPs) in 2011. This decision marked the beginning of new opportunities for companies in the automotive ancillary sector, and one such standout player is FTA HSRP Solutions Pvt. Ltd. This company is led by visionary CEO and Co-Founder, Mr Saral Verma, under the guidance of Mr Verma the company has not only become a key player in the industry but has also expanded its footprint across 22 states in India.
Established in 2012, FTA HSRP Solutions initially gained prominence as the chosen supplier for the Gujarat Government, responsible for supplying and affixing HSRPs to over 1.25 crore vehicles in the state. Over time, the company transitioned from being a regional player to becoming a preferred vendor for major original equipment manufacturers (OEMs) in the automotive industry. Today, FTA caters to approximately 25% of all new vehicles sold in India and enjoys the trust of leading Japanese, American, and European automobile manufacturers.
The pivotal role played by HSRPs in restraining vehicle theft cannot be overstated. Unlike traditional number plates that are susceptible to tampering and replacement, HSRPs come equipped with a non-removable snap-on lock, making them significantly more secure. The plates also store essential details such as the engine and chassis numbers in a centralized database, facilitating quick identification of stolen vehicles. Moreover, the deployment of sophisticated Number Plate recognition cameras across the country enhances traffic monitoring, vehicular safety, and security.
Mr. Saral Verma, a founding member of FTA HSRP Solutions, is a driving force behind the company's success. Armed with a Bachelor's degree in Engineering from the Pune Institute of Computer Technology and a Master's in Business from the Schulich School of Business, Toronto, Saral brought a unique blend of technical and business understanding to the table. His early career in a major IT services firm laid the groundwork for his journey into entrepreneurship.
Saral's contributions to FTA are multifaceted. He played a crucial role in establishing relationships with vendors, government bodies, and employees. Instrumental in setting up production facilities and securing long-term vendor tie-ups, Saral also managed government stakeholder relations and took charge of financial management. Currently steering the ship as CEO, he formulates overall strategy and charts the growth path for the organization.
FTA HSRP Solutions prioritizes integrity, transparency, and innovation, investing in research and development to create new products and services. They actively seek customer feedback for improvement and provide exceptional service through ongoing training and support.
FTA's journey faced a significant challenge in 2018-19 when the HSRP business transitioned from a public-private partnership to a fully privatized enterprise. Having been primarily contracted by the Government of Gujarat since its inception, FTA needed to establish credibility with automotive OEMs nationwide. Competing with well-established companies in the industry, FTA's success in securing a 25% market share can be attributed to the foundational practices set in its early days. The company's core team, comprised of automotive industry professionals from the start, and the streamlined organization proved to be key differentiators.
In reflecting on the industry, Saral Verma acknowledges the transformative phase the Indian automotive sector is undergoing. With global brands and Indian OEMs making significant investments, the industry is thriving. However, the price sensitivity of the Indian market can impact the quality of the final product. Saral advocates for industry stakeholders to collectively raise awareness among consumers, encouraging them to differentiate products based on quality rather than solely on price. In a market where consumers are more aware and empowered than ever, this shift in focus could drive positive change.
“The way to get started is to believe in a thing and believe in it all the way, implicitly and unquestionably. A successful entrepreneur is someone who has ambition and self-confidence, willingness to take a leap of faith, and preparedness to learn from mistakes along the journey. Good leaders are those who can respect and cherish their people, rally their interests towards organizational goals, and regard risk-taking as an opportunity to grow and learn.”
These values have been essential to FTA's success because they create a sense of community among its employees and help the company stand out in the market.
