Tata Motors Finance Holdings has invested an undisclosed amount in TruckEasy for 26 per cent stake in the tech-based freight aggregator.
With the investment in the startup, Tata Motors is preparing itself for the fast-changing freight industry and learn the changing landscape of the technology-dominated logistics business.
Tata Motors-owned subsidiary plans to gather insights into the technology-driven transformation in the freight logistics space. It also aims to understand the market dynamics in the intra-city freight movement.
Besides, Tata Motors plans to analyse the data analytics provided by TruckEasy to further use it for research and development.
For TruckEasy, the new investment will help it to expand its footprint to additional cities. The platform will also be able to access the investees’ wide network to grow the supply side and expand to multiple locations countrywide.
TruckEasy was formed in 2015 in Bengaluru by three entrepreneurs – Nikhil Thomas, Vikram Kodgi, and Avinash Achar. The company provides timely and reliable service for the transporting needs of businesses within Bangalore.
In the past few years, with the help of technology, logistics-focussed startups have given a fillip to the freight industry.
The tech-oriented approach has also been widely been recognised by investors who see huge growth in the sector and thus, pumped in millions of dollars.
Early this year, FourKites, a platform that tracks freight shipments, raised $35 million in Series B round led by August Capital. Two months ago, Logistics startup Loadshare secured $5 Mn in Series A round led by Stellaris Ventures.
The development was first reported by ET.
