November 17, 2016
The logistics startup 4TiGO, The Truck Network, today forayed into Salem for the transporters to join the mainstream cashless economy with an innovative B2B payment system designed specifically for the Indian transport industry.
The cloud-based technology platform and complementary business services of 4TiGO bring various stakeholders in the logistics industry, including consignors, consignees, fleet owners, transport companies and agencies—together onto a common platform and enable them to exchange information, transact and manage their entire business.
All the transactions made on the platform are cashless and securely facilitated through 4TiGO’s partnership with Federal Bank, a company release said here.
Additionally, 4TiGO has announced the facilitation of working capital credit for the transporters on its network and through the extension of credit, 4TiGO aims to boost the business of truck drivers, fleet owners and MSMEs, and drive the smooth management of cash flow that could support their business requirements.
The start-up has been funded by Infosys co-founder Nandan Nilekani and Accel Partners in the release.
“The idea is for a truck driver, anywhere in India, to be able to find a load, seal the deal and be on his way, all in just three clicks. To achieve this, we have created an intuitive user interface by combining 14 streams of technology. By using 4TiGO’s platform, they would also be able to gain additional earning of about Rs 25,000 a month on each truck,” Vivek Malhotra, co-founder and chief of Strategy and Marketing, 4TiGO, said in the release.
The potential of 4TiGO has been recognised by Federal Bank and the Indian Oil Corporation Limited (IOCL), both of whom have partnered with the platform to provide a multitude of benefits to its members, developing an innovative B2B electronic platform that delivers on the promise of “fulfilment assurance” and “payment guarantee”.
4TiGO is also leveraging the 800 retail outlets of IOCL to provide complementary amenities to truck drivers, such as fuel discounts, overnight stay facilities, secure parking, breakdown assistance and repair and maintenance facilities for greater driver safety and convenience.
“We are looking to help the small transporters and fleet owners leapfrog into the emerging cashless economy by facilitating online transactions for everything from lorry-hire to fuel and toll payments and even the remittances by the driver to his family. This would reduce the official cash requirement to under Rs 1,000 a day per truck,” said Malhotra.
4TiGO recently expanded its footprint in Tamil Nadu and signed-up over 150 transporters and fleet owners across all major transportation centres in the state. Over 1,000 trucks have joined the 4TiGO network to support the demand of transporters on the network who are expected to be placing over 300 loads every day in search of trucks, Malhotra said.