4TiGO leading the Transport Industry onto a cashless, digital highway

photo: city air news

AP, Telangana operations to focus on empowering the SME truck owners with technology and business services to leapfrog into the digital mainstream
Hyderabad, January 10, 2017: 4TiGO, The Truck Network, announced the launch of their operations in Andhra Pradesh and Telangana.

Venture-funded by Nandan Nilekani and Accel Partners, 4TiGO has created a cloud-based technology platform for the goods transport industry to exchange information, transact securely and manage their entire business. Operating as a “freight-exchange” 4TiGO facilitates transparent, completely cashless and electronic business transactions for business-to-business (B2B) spot-procurement of medium- to long-haul trucks for goods transportation. 4TiGO provides additional business services on its platform including live monitoring and tracking, application-level integration with partners for cashless purchase of diesel and electronic toll, a complete B2B contract management and electronic payment system to deliver end-to-end digital cashless transactions experience for the network participants with “Payment Guarantee” and “Fulfillment Assurance”.

Speaking at the event, Vivek Malhotra, Co-founder of 4TiGO, “Traditionally, truck drivers and fleet owners have been dependent on the use of cash for funding trips. But, that comes with its own risks. By facilitating online transactions, we want to help small transporters and fleet owners leapfrog into the emerging cashless economy. From lorry-hire to fuel and toll payments, and even remittances by the driver to his family, everything can be done from the 4TiGO app”.

“While the logistics industry and its process are extremely complicated, the platform has an intuitive, simple-to-use interface keeping in mind that many of the users especially the drivers may not be technology-savvy. Our design goal was to enable the trucker to find a load, confirm the deal and be on his way in just three clicks.”added Vivek Malhotra
The network is now operational pan-India, and over 1000++ trucks have enrolled onto the platform. They are using the platform to support the demands of well over 100 transporters currently on the network.

“We are continuing to expand our demand and supply base. In Andhra and Telangana, we are focused on the large number of SME fleet owners in the region. We have also received a lot of interest from a number of local lorry owner associations who want to join the network to be ahead of the curve on the transformation. This geography assumes greater significance for 4TiGO as we have recently expanded into a new vertical focused on servicing the requirements of the Indian Ports for bulk, dry and containerized cargo.”

To facilitate the smooth movement of goods across all states, 4TiGO is also enabling all the trucks on the network with the FASTag system for cashless electronic toll payments. This will not only help reduce the overall transit time by eliminating long lines at toll plazas, but will also deliver savings by way of discounts on toll up to 10%. Looking ahead, the platform is already set up to adapt to the regulatory changes as and when the Goods and Services Tax (GST) is implemented.

Date: 
Tuesday, January 10, 2017