FreightFox was one of the organisations that collaborated with the government on the development of the National Logistics Policy, which was announced last month. FreightFox won the first ULIP (Unified Logistics Interface Platform) LogiXtics Hackathon in May, organised by Niti Aayog. It is an Indian industrial logistics tech startup.
“When you buy something from the market, you pay a freight charge of 14% of the item’s worth.” In a developed market, such as the United States or even China, such figures are closer to 6-8 percent. The government has launched efforts such as the National Logistical Policy to manage these logistics expenses as a proportion of GDP. These are done to simplify and streamline the country’s logistics, with the goal of reducing logistics costs to single digits,” says Vikas Singh, COO of Pune-based FreightFox, which was formed by Nitish Rai, Sandeep Mukhopadhyay, Manjari Sharma, and him.
“What we had done was establish viable alternatives that may have a financial impact on national logistic efficiency.” We also highlighted how the data provided by the government may be utilised to reduce transportation carbon dioxide emissions across the country. We won the logistics hackathon thanks to these two customer cases, and we began working directly with authorities to develop these solutions. “This culminated in the National Logistic Policy announcement event, when we were one of the last four private enterprises with which the prime minister interacted,” Rai explains.
A manufacturing business in India that wants to “ship” items to consuming places does so mostly by road. Lower expenses would result from speedier transportation. “The logistic cost has two primary components: transportation and entrance costs, both of which influence each other.” When transportation occurs at a faster rate, the inventory cost, which must be held in several places, decreases. Planning becomes more efficient. “We need the necessary infrastructure as well as digital intervention for things to move easily at fast speeds,” Rai explains.
FreightFox is a company that creates digital goods and solutions for manufacturers and industries. Their software manages the full freight management process till the products are delivered and the firm pays the carrier.
“Equally important, we have gained a considerable quantity of market knowledge on the platform, which is highly prized by manufacturers.” “We can utilise computers to estimate the supply-demand gaps in the freight industry throughout the country with great accuracy,” Singh adds.
Since its inception in December 2020, FreightFox has worked on freight procurements of about Rs 1,800 crore. FreightFox, which is active in FMCG and energy, among other industries, is growing into new manufacturing verticals. “As a top-of-the-layer value-added solution, we also provide a Logistics Emission Abatement platform.”
The firm also intends to expand into Southeast Asia since its solutions are reproducible and internationally scalable. They will then expand into other emerging markets.
Disclaimer -We have collected this information from our direct sources, various trustworthy sources on the internet and the facts have been checked manually and verified by our in-house team.