Indian logistic service startup, Cargo Exchange is in final talks with a group of investors for raising $2 Million fund. The startup has not disclosed the name of the investors. This is the first round of funding that company is going to raise from external investors. The company will improve its technology platform with the help of the raised fund and it is also planning to develop a customer relationship management system.
Cargo Exchange is a Hyderabad based startup that was founded by Srihari Icharapu and Jagdeesan Vijayakumar in 2015. The startup offers a logistics service platform that connects customers, agents and truck owners. The startup offers on-demand truck service to cargo owners and agents.
Suppose you are cargo owner and want logistic service, you have to post the volume of cargo, and the truckers position it via the websites or app of Cargo Exchange. The company’s technology automatically finds the appropriate truck for you. The company also promises to track entire trip and also gives notifications and updates to its customers.
As of now, the company has more than 8,000 trucks and 28 corporate customers, but the company wants have up to 15,000 trucks and 190 corporate customers in near future.
The company is also planning to expand its services in Bengaluru and Chennai. It is in talks with several companies like Associated Road Carriers (ARC), BVC Logistics, RCI, ETO, Peninsula Logistics Company and Agility for supply requirements. Cargo Exchange has to compete with some other logistic service providers like TruckMandi, Trucksuvidha and FreightBazaar.