02 May 2017, India:
Bangalore-based Logistics startup 4TiGo has raised Series A funding of $10 Million from existing investors Accel India Management Co. Pvt. Ltd and Infosys co-founder Nandan Nilekani as per the report by The Mint.
According to Vivek Malhotra, CEO, “4TiGo currently has about 6,500 trucks on its platform and will scale up rapidly to accommodate close to 50,000 trucks by sometime next year. 4TiGo is currently building a fleet management service for truck owners that will help them manage and track their inventory more efficiently and help save logistics costs.”
“With the proposed GST coming up and growing importance of electronic payments in business transactions, we expect the 4TiGo Network to play a significant role in transforming the unorganized and fragmented transport industry. As India’s only freight exchange enabled with transactions, 4TiGo also provides unique value-adds including electronic payments at primary as well as secondary levels,” said Subrata Mitra, a partner at Accel Partners India.
The fresh funds will be utilized in expanding its current network of trucks, invest in building its core technology product further and help small and medium-sized fleet owners in getting on the Goods and Services Tax Network (GSTN), among other things.
Founded in late 2015 by former Headstrong executives Malhotra and Anjani Mandal, 4TiGo provides fleet management services for truck owners. The company helps its logistics partners manage and track their inventory more efficiently and save costs. The company currently has about 6,500 trucks on its platform and is planning to scale up rapidly to accommodate “close to 50,000 trucks by sometime next year”.