Tata Motors, a major market shareholder in the SCV segment, will give access to more vehicles and businesses to this startup truck aggregator.
Tata Motors Finance Holdings, a wholly owned subsidiary of Tata Motors Limited, has picked up a 26 percent stake in TruckEasy, a tech based freight aggregator owned by Loginomics Technologies Solutions Limited, a Bangalore based logistics company. This is part of Tata Motors’ continued endeavor to consolidate its position and formally organize the trucking community to improve livelihoods and further introduce technology to increase efficiency in the logistics sector
TruckEasy was formed in 2015 in Bengaluru by three entrepreneurs – Nikhil Thomas, Vikram Kodgi and Avinash Achar. The company aims to provide timely and reliable service for the transporting needs of businesses within Bangalore. TruckEasy will use this investment to expand it footprint to additional cities.
This strategic investment in TruckEasy will provide Tata Motors an insight into the rapidly growing technology-driven transformation in the freight logistics space and also get an understanding of the market dynamics in the intra-city freight movement. This will also enable Tata Motors to stay closer to the final customer, the load consigner thus enabling to provide better products and solutions. The data analytics provided by TruckEasy will be further used for research and development thereby allowing for better customization of product specifications in line with market requirements.
Speaking on the investment, Girish Wagh, president of the Commercial Vehicles Business Unit (CVBU), Tata Motors said, “Tata Motors has always been at the forefront of providing a differentiated service experience to the trucking community by not only providing them with the means of income but also creating business opportunities. TruckEasy is promoting entrepreneurship amongst transporters and providing them with a stable income. The young start-up has grown manifolds due to its partner-based module and its outstanding service to its customers. Through this investment from Tata Motors, TruckEasy will be able to access our wide network to grow the supply side and also to expand to multiple locations country wide.”
Commenting on this strategic investment by Tata Motors, Nikhil Thomas, CEO of TruckEasy said, “TruckEasy has been on a disciplined growth since its inception, having coverage all over Bangalore serving both the planned and unplanned business segments. Our plan is to expand to other cities and replicate the success we have in Bangalore.With the entry of Tata Motors as an investor, a box of limitless opportunities has opened up. Tata Motors having a majority market share in the SCV segment, the alliance will certainly give us access to lot of vehicles and businesses through their network. This would help us scale at a much faster pace. We in turn can give deeper insights into the SCV usage pattern with our vehicle data analytics. The driver community will be more confident on the aggregation business with Tata’s entry.Truly exciting times ahead!”
Source: BW Disrupt