Business Category: Logistics Transportation
Founding Year: 2016
Startup Stage: Revenue Generation
Support Required: Funding Mentoring
Structure of the Company: PVT Ltd.
TruckHall is a Kolkata based start-up founded in October 2015, operating in the Road Transportation & Logistics industry. TruckHall at its core is a technology company, in the business of improving the efficiency of any truckload plying on Indian roads, and it does so with the aid of smart and cutting edge technology.
TruckHall caters to Full Truck Load movements with a non-asset based model i.e. it doesn't own any truck; rather it uses smart technology to fulfil 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.
TruckHall makes its value proposition compelling by guaranteeing vehicle for every load it accepts. In the past, transport companies would occasionally delay or refuse loads from customers if they could not find the right vehicle. TruckHall does so by gamifying the whole process of vehicle procurement by triggering a timed reverse auction on every enquiry it gets. Such an approach engages the suppliers and guarantees better price discovery.
TruckHall’s commitment to every load gives the company a distinct edge. With a vehicle placement ratio greater than 98%, TruckHall has been able to provide what the customer's really want i.e. reliable and efficient service. Currently TruckHall provides outbound load servicing from Eastern India (West Bengal, Jharkhand, Assam and Odisha) to Pan India and inbound load fulfilment from Pan India to Eastern India.
From procuring vehicles from the market, to providing support at loading point and assisting in quick retrieval of PoD, team TruckHall works towards making the whole experience seamless and hassle free for the customers and the vehicle suppliers.
The philosophy behind TruckHall is to bring transparency in this industry and help businesses move goods in an efficient manner.
This is a very rough and un-organized industry and TruckHall aims to bring some sanity in this world by addressing the challenges head-on and by bringing respect to the lives of the people who are part of this industry ,by making transactions cleaner with the usage of simple, yet powerful.
This is not a sprint but a long marathon!
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