FROM MAGAZINE: Every player must integrate on same platform for technology adoption
Backed by the investments from Accel and Nandan Nilekani, the co-founder of Infosys, Fortigo Network Logistics (4TiGO) entered into digital logistics platform to empower the Indian truck network through technology and networking. Over the last 18 months, the company has recorded y-o-y growth of over Rs 150 crore p.a.
Backed by the investments from Accel and Nandan Nilekani, the co-founder of Infosys, Fortigo Network Logistics (4TiGO) entered into digital logistics platform to empower the Indian truck network through technology and networking. Over the last 18 months, the company has recorded y-o-y growth of over Rs 150 crore p.a. Anjani Mandal, CEO and co-founder of the 2015 founded company interacts with Shalini Nair on $50 million funding plan and its outlook to grow 10X over the next 30 months.
Any are you planning for any fund infusion?
Yes, we are in talks to raise $50 million by the end of this financial year. The capital would be used to expand the logistics business and build our financial service portfolio.
What are the safety and security measures you assure your customers when data is on the cloud?
It is essentially a combination of hosting within a secure environment with a single access point that is monitored and logged, encrypted data storage and access control to the data store only for designated users and controlled at a page-level. We only share such data that is sufficient for the transaction or specific search by any user-based on their access level. The entire process is done while ensuring that complete transparency is maintained in a transaction that takes place on our platform - one of the key factors why customers value our offerings and services.
How are you considering blockchain as a new entrant?
We intend to use blockchain for business cases where the data changes through our system and the same needs to be communicated to all the stakeholders involved. Our goal of creating a transparent network would greatly benefit from the blockchain philosophy as integrated with 4TiGO platform.
However, the adoption of technology is dependent on the willingness of all players to come to the same platform and agree on a uniform set of standards.
What is your value proposition?
4TiGO is working to get a step-jump in the efficiency of the goods transport ecosystem with the help of a technology-enabled platform, bringing all the players in the ecosystem onto a common platform. We believe in having a comprehensive approach to address the issues of each and every stakeholder in the logistics sector ecosystem - supply chain visibility & guaranteed services to consignors or consignees, increased business & utilisation, working capital, instant digital payments, and fuel discounts for the fleet owners. A comprehensive approach is critical to driving technology adoption and change across the industry, to help the industry transform itself.
What is your year-on-year growth?
Over the last 18 months, since the commencement of all services, 4TiGO has achieved above Rs 150 crore per annum. This is expected to grow 10X over the next 30 months. The dominant businesses are guaranteed elastic logistics services to large corporates and digital payments for fleet owners.
What are your future plans?
Currently, focus is on the growth and expansion of digital logistics business, and building services for addressing the challenges of working capital sector.
This interview was originally published in Indian Transport & Logistics News' July - August 2019 issue.