Project News Detail
| Project No : | 187950 |
|---|---|
| Project Title : | Plans To Increase Its Fleet Strength To 1,000 Trucks Projects In India And Usa |
| Company Name : | Sagisu |
| Project Detail : | Logistics aggregator Sagisu is looking to raise $10 million in Series A funding, as it plans to increase its fleet strength to 1,000 trucks This follows a recent seed-funding round in which the start-up raised $2.1 million from undisclosed investors in the US and India Sagisu’s business model is similar to Ola’s or Uber’s, as it doesn’t own a fleet of trucks but provides truckers within the city more business The company helps e-commerce providers such as Urban Ladder and Rentomojo in discovering logistics providers within the city through its app Truckers own vehicles through funding arranged by Sagisu, and earn by associating with it Given the growing urbanisation, spends on intracity logistics is expected to grow in double digits going forward, according to Nagesh Rajanna, CEO, India Business, and one of Sagisu’s founders The company was set up in May 2016 by Mithun Kadur, an IIM-Bengaluru alumnus, and Rajanna, a former CEO of Bombay Dyeing The start-up is planning to launch ‘Smart Hubs’ in Bengaluru, a resting and refuelling facility for the truck’s crew that also houses a retail store With the launch of Smart Hubs, Sagisu believes it has a strong differentiator It will resolve the issue of low inventory turnover and increase the utility of assets for enterprise customers,” said Rajanna. It is also planning to launch 7-8such hubs in India Potential in logistics Companies like Sagisu are seeing potential in the country, which spends upwards of 13 per cent in logistics as a proportion of the GDP Given growing urbanisation and the GDP, intracity logistics is expected to grow 10-15 per cent every year,” said Rajanna. Currently, Sagisu operates in Bengaluru with around 100 trucks, and has expanded into Chennai and Hyderabad with plans to onboard around 1,000 trucks by October Further, it is also investing in its own fleet catering to clients in retail, e-commerce and FMCG sectors Through vehicle-tracking chips installed in its trucks and an app on drivers’ mobile phones, businesses and customers alike can track their deliveries through a common dashboard Besides solving larger logistics issues, Sagisu has also figured out a way by which individual drivers who own trucks can earn extra income With the concept of buddy driver, the owner-driver can earn extra. Sagisu will also pay him,” said Rajanna |
| Project Location : | Not Classified - Not Classified - Multi Country |
| Project Estimation : | Refer Document |
| Status : | Announced |