Trucknetic - a tech-first logistics company has joined acceleration program of JITO Incubation and Innovation Foundation (JIIF), a wholly-owned subsidiary of JITO, to help do 200 crore of business in 2023 and 2024.
JIIF is recognised as one of the fastest-growing Angel Networks and has emerged as one of the strongest Technology Business Incubators in India.
Trucknetic 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 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.
"We are excited to work with JITO Incubation and Innovation Foundation (JIIF) and the company is planning to cross Rs 100 crore business mark by FY23-24. "I expect this business to hit 100 Cr topline by 2023 and next 100 crore by 2024,"said Arham, founder and Chief Trucking Officer, Trucknetic.
JITO Incubation Centre (JIC), an incubation/acceleration arm of JITO JIIF is also helping Trucknetic to close its first round of Series-A funding to raise up to USD 10 million by the end of May.
"The funds will be deployed for team building and creating pick-up and delivery (PUD) and transit hub infrastructure to service customers across India. Other key areas where the funds will be utilised include development of technology to support operations and building solutions for customers," said Arham.
"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. Trucknetic has been able to develop moats and a clear digital strategy that’s integrated into business strategy. This creates an edge for them vis-a-vis other players in the industry. ” affirms Jinal Shah, Incubation Manager at JITO JIIF.
With years of expertise in the MSME sector and highly experienced founding team from the logistics sector, Trucknetic has the right force to successfully ace the logistics market.
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 million since December 2019. The platform is highly diversified across commodities, truck types and lanes.
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.
It 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.