Business Category: Logistics Transportation
Founding Year: 2016
Startup Stage: Revenue Generation
Support Required: Funding Mentoring
Structure of the Company: PVT Ltd.
Executive Summary: TruckHall is a technology company, aimed at improving the efficiency of truckloads plying on Indian roads. It caters to full truckload movements with a non-asset based model i.e. it doesn't own any truck and uses technology to fulfill any order reaching its platform. With more than 1500+ active vehicle suppliers on its platform, TruckHall has aggregated the largest pool of vehicle suppliers operating in Eastern India. Currently TruckHall provides outbound load servicing from Eastern India (West Bengal, Jharkhand, Assam and Odisha) to Pan India and inbound load fulfillment from Pan India to Eastern India.
India spends more than 14% of its GDP on logistics and transportation, where-as in developed countries the spend is between 6-8%. The transportation industry is characterized by words such as unorganized, inefficient corrupt etc.
The root cause of this problem is that vehicle ownership in the industry is very fragmented i.e. 80% of vehicles are owned by players having less than 5 vehicles, which gives birth to a lot of intermediary players. A single transaction can have anywhere between 8-20 players involved in it.
Moreover, the service levels in the industry are very poor which always leave the clients frustrated.
There are various methods used by shippers to procure vehicle from the markets -
a) Fixed/Long term contract
b) Daily Spot Market procurement
TruckHall's competency lies in the daily spot market, which comprises of 35-40% of the market. This market requires on-demand services i.e. a truck needed to be placed on the next day. It involves understanding of the loading/unloading point, the type of vehicle required and is usually followed by a strong round of negotiation, as this is a highly price sensitive market.
TruckHall solves the daily spot market procurement by a)Aggregating Vehicle Suppliers
b) Gamifying the process of procurement
and thus brings down the price levels with an improved reach and with the help of smart and powerful technology.
Once the order is confirmed TruckHall takes the entire responsibility of the transaction from loading point support to payment management to vehicle tracking and quick retrieval of PoD (proof of delivery)
1500 - Suppliers across Eastern India