Tata Motors Finance Holdings, a wholly owned subsidiary of Tata Motors Limited, has picked up 26% stake in TruckEasy, a tech-based freight aggregator owned by Loginomics Technologies Solutions Limited, for an undisclosed amount. These funds will be used by TruckEasy to expand their footprint to more locations.
TruckEasy takes care of the transport needs of business by providing easy transport solutions using light commercial vehicles. It aims to bring transporters and businesses together and provide solutions to enhance their experiences by providing timely and reliable service. It was founded by Nikhil Thomas, Vikram Kodgi, and Avinash Achar in 2015 with its headquarter in Bengaluru.
Nikhil Thomas, Chief Executive Officer, TruckEasy, said.“Our plan is to expand to other cities and replicate the success we have in Bangalore. Tata Motors’ having a majority market share in the SCV segment, the alliance will certainly give us access to a lot of vehicles & businesses through their network. This would help us scale at a much faster pace. We, in turn, can give deeper insights into the SCV usage pattern with our vehicle data analytics. The driver community will be more confident in the aggregation business with Tata’s entry,”
According to a statement released by Tata Motors, this acquisition is a part of Tata Motors’ continued endeavor of bringing smart solutions to enrich the lives and livelihood of the trucking community. It will help Tata Motors to get insight into technology-driven transformations in the freight logistics space and also get an understanding of the market dynamics in the intra-city freight movement.
Talking about the investment, Girish Wagh, president of the Commercial Vehicles Business Unit (CVBU), Tata Motors, said, “ TruckEasy is promoting entrepreneurship amongst transporters and providing them with a stable income. The young start-up has grown manifolds due to its partner-based module and its outstanding service to its customers. Through this investment from Tata Motors, TruckEasy will be able to access our wide network to grow the supply side and also to expand to multiple locations countrywide”.
In the freight aggregators space, FreightBazaar is a competitor for TruckEasy. FreightBazaar has already raised an undisclosed amount in pre-series A funding.