TruckHall is an IIMCIP incubated start up operating in the road transportation and logistics industry. TruckHall envisions simplifying goods movement in India and making spot procurement for logistics a reality in India. Their goal is that irrespective of what we want to move, what is the mode of transport, we should be able to find a reliable vendor the same day and transact with them without any anxiety.
Logistics in India is a very rough and un-organized industry and yet like finance, logistics is something which is needed by every business and affects the life of every Indian in some way or the other. Some of the problems in this space are obvious and deep rooted, such as infrastructure, government policies, poor driving conditions etc however there is a lot that can be done with the evolving nature of technology and how easy it has become to get online. TruckHall aggregates the demand and supply of goods vehicles on a platform and takes end-to-end responsibility of the transaction by taking guarantee of the vehicle supplier.
TruckHall solves problem by aggregating vehicle owners and brokers who control the supply of vehicle. Aggregation of suppliers helps us in conducting live auction on every requirement and eventually get the accurate price from the market. The platform brings everyone on a single platform and reduces the inefficiencies that arise due to lack of coordination and ensures that the vehicles are moving.
They see the problem in 2 parts. First, the procurement must happen at a competitive price from a reliable vendor. They use the proprietary bidding tool get a list of verified vendors to bid on every lead. They use BigData to help companies judge which vendor is best for the particular transaction based on various parameters like route, vehicle and goods transported.
The second problem is around the flow of information, right from notifying potential vendors about a lead to tracking the consignment to processing the payment. The sheer number of parties involved in every transaction makes this problem complicated. Through our mobile and web app we have made sure that all parties involved have the right information at all times and are notified when they need to feed in data. This not only makes the transaction efficient but also increases trust in the ecosystem.
Logistics impacts every industry. Every paisa of consumption has some dependence on logistics. By helping companies save on logistics cost, they are helping to reduce the cost of everyday essentials. Faster flow of information means faster turn around time which in turn ensures that the goods vehicles are always moving and thus helps the economy run more efficiently.
While there are quite a few players in this space, they are particularly targeting the spot market procurements. Since this is a time bound procurement market that makes the whole problem a lot more challenging. There are no products in this market solving the problem at the scale that they are. This is a network effect market and they
believe the number of vendors they have been able to attract is what sets the product apart.