4TiGO, The Truck Network, extends network benefits to TN transporters

Chennai, September 7, 2016: 4TiGO, a logistics start-up backed by Nandan Nilekani and Accel Partners, has announced a big push for its operations across Tamil Nadu. Currently operating in the six southern states, Maharashtra, Gujarat and NCR, 4TiGO is expanding its footprint in Tamil Nadu to over 50 industrial and transportation hubs across the state.

4TiGO’s cloud-based technology platform and complementary 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 6% 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.

4TiGO’s network of trust is built on its promise of “Fulfilment Assurance” and “Payment Guarantee” that is delivered through an innovative B2B electronic payment platform that integrates its core transaction and contract management process with Federal Bank, 4TiGO’s preferred banking partner. Additionally, The Federal Bank also offers a specially devised credit program, to provide working capital support for the network participants to help them get most out of the network and fund their revenue growth.

Recognizing the potential of 4TiGO’s approach, Indian Oil Corporation has also joined the network as its strategic network partner. Together with 4TiGO, IOCL will leverage the infrastructure at its 800+ Networked Retail Outlets to provide complementary amenities like secure parking, overnight stay, breakdown assistance, repair and maintenance facilities etc.for greater driver safety, security and convenience. Members of 4TiGO network will also receive discounts on fuel and other purchases from IOC outlets.

While introducing 4TiGO,Anjani Mandal,Co-founder and Chief Executive Officer, 4TiGO said, “One of the biggest challenges in the transportation ecosystem today is access to sufficient working capital. This becomes even more acute in the case of the smaller transporters and fleet owners. By solving this with support from Federal Bank, we expect to unlock the growth potential of several of these businesses – already, we expect the first 50 applicants to realize a revenue growth of over 50 crores combined, by leveraging the power of the network and the facilitated access to working capital.”

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 business solution.The challenge, however, was to realize this functionality with the ease of use and simplicity that is essential for its adoption.We have used a combination of 14 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.””

4TiGO has connected with over 1100 transporters and fleet owners in Tamil Nadu across all major transportation centres of whom over 130 have already signed up to join the network and are in the process of being onboarded.