Tata Motors Finance Holdings, a wholly-owned subsidiary of Tata Motors Ltd., has picked up a 26% stake in TruckEasy, a tech-based freight aggregator owned by Loginomics Technologies Solutions Ltd., a Bangalore-based logistics company. This is part of Tata Motors’ continued endeavor of bringing smart solutions to enable the trucking community to have better lives and improve their livelihood.
TruckEasy, formed in 2015 in Bengaluru by three young entrepreneurs, Mr. Nikhil Thomas, Mr. Vikram Kodgi and Mr. Avinash Achar, provides timely and reliable service for the transporting needs of businesses within Bangalore. TruckEasy will use this investment to expand its footprint to additional cities.
This strategic investment in TruckEasy will provide Tata Motors an insight into the rapidly growing technology-driven transformation in the freight logistics space and also get an understanding of the market dynamics in the intra-city freight movement. This will also enable Tata Motors to stay closer to the final customer, the load consigner, thus enabling it to provide better products and solutions. The data analytics provided by TruckEasy will be further used for research and development, thereby ensuring better customization of product specifications in line with the market requirements.
Commenting on the investment, Mr. Girish Wagh, President – Commercial Vehicles Business Unit (CVBU), Tata Motors, said: “Tata Motors has always been at the forefront of providing a differentiated service experience to the trucking community by not only providing them with the means of income but also creating business opportunities. TruckEasy is promoting entrepreneurship amongst transporters and providing them with a stable income. The young start-up has grown manifold 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.”
Commenting on this strategic investment by Tata Motors, Mr. Nikhil Thomas, CEO – TruckEasy, said: “TruckEasy has been on a disciplined growth since its inception, having coverage all over Bangalore serving both the planned and unplanned business segments. Our plan is to expand to other cities and replicate the success we have in Bangalore. With the entry of Tata Motors as an investor, a box of limitless opportunities has opened up. 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 the 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 on the aggregation business with Tata’s entry. Truly exciting times ahead!”