FreightBazaar is B2B Asset Light Integrated Freight Platform that enables online truck hiring for inter-city road transportation. It is a neutral platform wherein Businesses, Fleet Owners or intermediaries can transact.
Simplicity at its Best
The supplier network has more than 20,000 trucks spread across 200 Indian cities providing load opportunities to more than 300 routes. Since, road transportation is a complex industry with high fragmentation dominated by unorganized players with no standardization it was difficult to prepare an online solution for such diverse requirements. Hence, firstly the team segmented the requirements and then started identifying the most common things being used by the stakeholders and built the solutions. Testing was made and improvements were made depending on the responses, being a simple part of organizational DNA.
A change Brought thus
Ganesh has earlier experienced problems while shipping materials to right places on time, because few transporters used to refuse to go to certain locations for delivery due to lack of access to return business. He then decided to jump into the business after discussing with couple of friends. Projects from clients and delivering the product as promised has been the Eureka Moment. Bhaven being a common friend of Ganesh liked the idea and became his partner. Employees at first were recruited via traditional channel that helped to build a strong image. With the initial success, we were able to align the team towards common goal.
One Big Team
Ganesh (39) is a Chemical engineer, an alumnus of NIT Trichy and holds an MBA too from AIM Manila. He has work prior experience from many reputed companies and spent most of the time in building businesses and operations from scratch. Bhaven, the Co-founder is a computer science Engineer from VJTI, Mumbai and has done his MBA from UC Berkley. A. S. R. Hanumanta Rao has nearly three decades of experience in various roles. He had held a series of Leadership positions in the company, most recently as Vice President of Freight Division, heading FTL and ODC segments as National Head. Pradeep has 8 years of experience in Full Stack Technology development. Alok has 10+ years experience in Logistics industry. Praveen has more than 8 years of experience in running BPO operations for large reputed customers.
They are well supported by advisors Vikash Khatri who has 17+ years of experience in Strategy, Business Transformation, Marketing & Business development in Logistics industry and Sanjay Gaggar, a Chartered Accountant and CS with diverse Management, Finance & Business experience of 18+ years, having developed expertise in implementing best finance practices, strategizing business plans, raising funds, initiating growth strategies, executing performance management frameworks along with the usual finance functions.
That Damaaka post launch
Post launch, they have done close to US$ 1 million freight business. More than 90% of business has seen 100% successful trips. Last October seemed to be a Damaaka month as they have done 5 times more business compared to same period last year. Providing Technology enabled Reliable quality service at affordable pricing is their core strength. Their technology driven features and tools have set them apart from others. Having a transparent revenue model, they charge on percentage of Freight basis.
In just a Truck Away
The company being bootstrapped was funded a little by friends and family. FreightBazaar is an integrated platform. Whenever a business requires Truck, one can login and search for available trucks. Alternatively, business can publish the detail of cargo and can give expected price or request for a quotation. Businesses can also give period based contractual requirements. Truck suppliers can submit the quotation or interest. Once, Truck is hired, businesses can track trip online and make the payments online.
What’s Next for FreightBazaar?
Freight would like to build physical infrastructure in major cities and transport hubs starting with 6 major cities and add more features to the platform to automate transactions. Both these initiatives shall result in deeper penetration and larger customer acquisition and would like to reach a daily transaction rate of 10,000 in next 5 to 7 years’ of time.
Innovation At its Best
FreightBazaar has received several recognitions at national and international level. It had been declared as the Best Online Marketplace of the Year at ELSC. FreightBazaar was recently recognized at an automotive focused startup conference (TiECon Midwest) in Detroit, Michigan and one of the top innovators in India at the India Innovation Initiative (i3), a prestigious pan India event organized jointly by Confederation of Indian Industry (CII), Department of Science and Technology and All India Council for Technical Education (AICTE).Multiple awards and industry recognition speak about the validation that the innovation has great potential to bring positive disruption in not only the Indian freight industry but also other geographies.