Wednesday, 1 June 2016

4TiGO - The Truck Network Begins Operations

June 01, 2016, Bangalore: 4TiGO, a logistics start up backed by Nandan Nilekani and Accel Partners has announced the start of its operations across six states in India.
4TiGO’s cloud-based technology platform and complementing Business Services will bring various stakeholders of the logistics industry -- including consignors, consignees, fleet owners, transport companies and agencies -- together on a common platform and enable them to exchange information, transact and manage their entire business.
The road transport system accounts for approximately six percent of the overall GDP. However, it is essentially an unorganised and highly fragmented market that is inherently inefficient. Even a slight lift in efficiency of the goods transportation industry can deliver an impact visible at the overall GDP level.
At the launch of the 4TiGO Network in Bangalore today, Mr Nilekani said “In the past, you brought in efficiency into markets through large companies — big farms, big retailers, big trucking companies. With pervasive connectivity, affordable mobile technologies, these efficiencies are now achievable at an industry-level by orchestrating a network of trust of various industry players. Such networks can achieve unprecedented scale, without compromising agility and flexibility. I am very pleased with the way 4TiGO has approached the deployment of such an orchestrated network to transform the Indian logistics industry ecosystem.”
4TiGO’s network of trust is built on its promise of “Fulfilment Assurance” and “Payment Guarantee”. To deliver on this promise, 4TiGO has partnered with the Federal Bank to implement an innovative B2B Electronic Payment Platform, integrated with its core transaction and contract management process. Additionally, the Federal Bank has developed a special credit program to provide Working Capital support for the network participants.
Recognizing the potential of 4TiGO’s approach, Indian Oil Corporation Limited has joined the network as its strategic network partner. Together with 4TiGO, IOCL will leverage its 800+ Networked Retail Outlets to provide complementary amenities like secure parking, overnight stay, breakdown assistance, repair and maintenance facilities etc. Members of 4TiGO network will also receive discounts on fuel and other purchases from IOCL outlets.
Speaking at the launch Mr. Shyam Srinivasan, MD, The Federal Bank, said “4TiGO’s innovative B2B payment solution represents a breakthrough solution for business transactions and can revolutionize the way businesses transact with each other. We are very excited to be their partners in this innovation and look forward to extending this construct to other networks and industries.”
“We were especially impressed by 4TiGO’s holistic understanding of issues faced by each and every stakeholder in the ecosystem, especially the role of the truck driver in driving this transformation. It aligned perfectly with IOCL’s initiative to create infrastructure and amenities for greater safety, security and convenience of the drivers on the Indian highways and led to the creation of driver-focused 4TiGO-IOCL Fuel Card Program” said Mr. S Varadachari, Executive Director, Indian Oil Corporation Limited.
Mr. Subrata Mitra, Managing Partner, Accel Partners said that “We feel this is a huge untapped opportunity given the low technology penetration in the industry. 4TiGO is positioned perfectly to bring in disruptive transformation in this industry.”
While introducing 4TiGO, Anjani Mandal, Co-founder and Chief Executive Officer, 4TiGO said, “The core of this idea is to use technology to overcome the constraints to improvement due to the fragmented nature of the industry and the lack of transparency of the road transport ecosystem to eliminate inefficiencies. The challenge was to realize this functionality with the ease of use and simplicity that is essential for its adoption in this segment. We have used a combination of fourteen different streams of technology to create an intuitive user-interface so that a truck driver, anywhere in India, can find a load, close the deal and be on his way, all within three clicks.”
Vivek Malhotra, Co-founder and Chief of Strategy and Marketing, 4TiGO said, “We are trying to solve a network problem – and to be able to do that we have to address the issues and challenges faced by each and every stakeholder in the network. We are delighted at the way our strategic partnerships have converged to enable us to provide a comprehensive, end-to-end solution to orchestrate the Indian road transport ecosystem, in our journey to create the largest, most efficient and effective logistics network.”
4TiGO, The Truck Network, is startup focused on transforming and optimizing the goods transportation industry in India, by bringing all the stakeholders and industry participants on to a common technology platform where they can interact and transact, in a trusted, secure and transparent environment. 4TiGO’s platform provides a market-place and complementing business services to facilitate enhancement of business & efficiency for platform users.
Currently, 4TiGO has set up operations in the six states of South India viz., Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Kerala and Goa. It plans to expand to 100% coverage of the country within the next 12-18 months.
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