* Andhra Pradesh - Cargo Exchange raising $2m from group of investors
-- Cargo Exchange India Pvt Ltd, a Hyderabad-based logistics services provider, is in final talks to raise $2 million from a group of investors... Founded in January 2015, Cargo Exchange acts as a bridge between truck owners, cargo-owners and intermediaries to exchange information, make deals... The company helps the cargo-owners and agents to provide trucks as per their requirements... The company claims to be the only platform to help trucks with a reverse booking system. It has around 8,000 trucks on its board currently and is increasing the fleet size to 15,000 and corporate customers from present 28 to 190... The company already has a tie up with Future Group at Hyderabad and is in talks to start operations in Chennai and Bangalore. The company is in an advanced stage of discussion with ARC (Associated Road Carriers), ETO (Economic Transport Organization), RCI, Agility, Peninsula Logistics Company, BVC Logistics for supply requirements. It has also approached transport association across Telangana, Andhra Pradesh and Tamilnadu for empanelment of trucks in South India... Cargo Exchange aims to become the Uber in India for taxi and to be termed as Ola of Indian logistics industry... The Indian road network is second largest in the world after USA with 4.86 million kms and contributes a share of 4.8 percent in India’s GDP, according to a report by McKinsey & Company. Indian freight transport market is expected to grow at a CAGR of 13.35 percent by 2020 driven by the growth in the manufacturing, retail, FMCG and e-commerce sectors, as per an another report...
Hyderabad, Andhra Pradesh, India -- Dealstreet Asia, by Bhawna Gupta - December 4, 2015Labels: trucking industry news India
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