Series A funding for Trucknetic in talks for $10 million
New Delhi (India), March 14: Trucknetic is a tech-first logistics company which is redefining digital freight industry by establishing a market place using artificial intelligence, automation, and other software services to efficiently connect shippers and carriers. The logistics company is on an expansion drive and is looking at a first round of funding to raise up to USD 10 million by the end of May.
The company is in talks with few angel investors and are looking out for large venture capital funds. Trucknetic also plans to use the proceeds from the fundraise to strengthen its existing software as a service (SaaS) and analytics-based supply chain management solutions, through both organic and inorganic routes. Trucknetic will also be enhancing operating robustness through a scalable, modular technology platform, which will help augment user experience and assist in building a large trader community.
“The investment round will be a testament to the incredible work our team is doing to help our customers drive efficiencies. With strong industry tailwinds towards digitization and our capitalized balance sheet, Trucknetic are poised to grow exponentially in the next couple of years. We will continue to invest in building talent and technology to reinforce this exponential growth,” said Arham, founder and Chief Trucking Officer, Trucknetic.
“We will be utilizing the funds for financing technological advancement, increasing automation and to grow geographical presence. The tech-first logistics company will also look at inorganic growth opportunities,” he added.
“Trucknetic is playing an important role in India’s booming e-commerce sector, which is still at an early stage and has a long runway of development. We believe that technology is changing every aspect of how logistics companies operate. ‘Digital fitness’ will be a prerequisite for success: the winners will be those who understand how to exploit a whole range of new technologies, from data analytics to automation and platform solutions. Those who don’t, risk obsolescence. But with so many technologies competing for management attention and investment, defining a clear digital strategy that’s integrated into business strategy will be critical,”said Arham.
The company has more than 50000+ downloads on Trucknetic Carrier application and 15000+ downloads on Trucknetic Shipper application and has moved close to 100,000 metric tonnes of goods.Trucknetic has a network of close to 200,000 fleet owners and 50,000 transporters which roughly translates to over 1 million trucks in our network. It has done a revenue of USD 3 Mn since December 2019.The platform is highly diversified across commodities, truck types and lanes.The company has moved diverse commodities such as coal, chemicals, edible oils, glass, plywood, etc. across the country for long, short and medium haulage.
Trucknetic has a host of prestigious brands as its clients including such as Patanjali, Action Tesa, Nuvoco, Gulshan Chemicals, etc. and has received numerous awards and opportunities for its hard work and passionate vision, including the 10 most trusted logistics & supply chain brands 2021, top placer logistics 2021, best shippers, and carriers marketplace platform (APAC).
Trucknetic is one of the chosen startups in the Microsoft AI innovation – manufacturing and logistics cohort, in which Microsoft is helping Truckentic to build a proof of concept on solving the return load problem and demand forecasting using Artificial Intelligence and Machine Learning.The logistics company uses AI/ ML for demand forecasting which help it to seamlessly solve the problem of return load in real-time which ultimately helps to bring the cost of logistics in India down which is currently 14 – 18 per cent of GDP as an expense as compared to 8 -10 per cent globally.