Fortigo Network (4TiGO) raises $10m from existing investors in Series A round
4th May, 2017, Bengaluru: The logistics start-up Fortigo Network, The Truck Network, announced that it has secured $10 million in its Series A funding round. The funds were raised from existing investors, Infosys co-founder and former UIDAI Chairman Nandan Nilekani and Accel Partners.
Fortigo Network is India’s only freight exchangeplatform enabled with live transaction and electronic payments. Fortigo Networkalso offers complementing business services and facilities for the Indian roadtransport sector to enable the users to improve their efficiency andprofitability. Using the cloud-based platform of Fortigo Network, consignors,consignees, fleet owners, transport companies and agencies can exchangeinformation, transact and manage their entire business.
Fortigo Network aims to use the new funds to enhancethe platform as well as fuel expansion of their truck network which currentlyhas presence in all south-Indian states, south Maharashtra, Gujarat, Pune,Kolkata, Mumbai and Delhi NCR.
Anjani Mandal, Co-founder and CEO, FortigoNetwork, said, “With this funding, we will be able toextend the Fortigo Network to a pan-India level. Our blueprint is toenter and mark our presence in all the important transport hubs of the countryincluding Guwahati, Jaipur, Raipur, Nagpur, Lucknow and Kanpurand, the hubs ofOrissa, Bihar and Jharkhand over the next nine months. With this push, weexpect to achieve our next milestone of reaching break-even by December 2018.”
By leveraging its partnerships with Federal Bank andIOCL (Indian Oil Corporation Limited), Fortigo Network facilitates completelycashless transactions on its platform and extends working capital benefits toits members. Additionally, Fortigo Network uses the 800+ networked retailoutlets of IOCL to provide complementary amenities to truck drivers, such asovernight stay facilities, secure parking, breakdown assistance, fueldiscounts, etc., for greater driver safety and convenience. The additionalfinancial support will help broaden the multitude of such business servicesthat are offered to Fortigo Network members.
Vivek Malhotra, Co-founder and Chief of Strategyand Marketing, Fortigo Network, stated, “We will utilisethe fund to build our core technology further. The user-interface of theplatform, which has been designed using 14 streams of technology, will beaugmented and simplified to further improve the ease-of-use. We are alsoworking on voice activated systems- on being able to activate by voice anddeliver responses in various languages, according to the users’ preferences.Moreover, we want to facilitate the technology enablement of small andmedium-sized fleet owners in getting onto the Goods and Services Tax Network(GSTN).”
“With the proposed GST coming up and growingimportance of electronic payments in business transactions, we expect theFortigo Network to play a significant role in transforming the unorganized andfragmented transport industry. As India’s only freight exchange enabled withtransactions, the platform’s electronic payments facility at the primary aswell as secondary levels will enable the industry to adapt to the new normal inthe less-cash, digital economy,” said Subrata Mitra, partner at AccelPartners India.
Launched in June last year, Fortigo Network expects togrow by close to 50,000 trucks over the next 2 years.