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Omnivore Partners Invested 6.5 Cr in Tech Startup For Trucks FR8

27Oct By NitishNo Comments

FUNDING

Omnivore Partners Invested 6.5 Cr in Tech Startup For Trucks FR8

Chennai-based FR8, a platform for trucking system raises Rs 6.5 Cr from Omnivore Partners Venture fund. The fund will be used for expansion, investing in technology and talent. FR8 founded in June 2016 by Jayend ran Panneerselvam and Vasanth Immanuel, already has 2,500 trucks from 400 vendors on the marketplace. It currently books around 1,000 orders worth about Rs 2.5 crore a month. The company has enterprise and F&B clients like Philips, Asian Paints, Pepperfry, Britannia, Preethi Kitchen Appliances and Paperboat. Immanuel, FR8 Founder, who worked for seven year at Asian Paints managing supply chain, said,“We offer a four-hour commitment to our clients and manually connect orders which have not gotten matched automatically. We believe that we are very capital efficient as we...

Rivigo Will Add 100 More Cities For Faster Delivery of E-commerce

16Sep By Press Trust of IndiaNo Comments

News

Rivigo Will Add 100 More Cities For Faster Delivery of E-commerce

Logistics solutions provider Rivigo today announced adding 100 more cities for faster delivery of cargo using truck drivers relay mechanism. "Rivigo today announced a significant expansion of its part-truck load capability Rivigo Zoom by adding more than 100 cities to its pan India coverage. With the expansion, Rivigo services can now be availed of in most state capitals, major cities and industrial centres," the company said in a statement. It said combining technology and a unique driver?s relay mechanism, Rivigo provides precision deliveries at 50-70 per cent lesser transit times compared to conventional trucking companies. The expansion coincides with the company acquiring 1,200 trucks from Ashok Leyland to take its fleet size to 2,700 by the year end. "We are confi...

Logistics Solutions Provider Rivigo Eyes on 3000 Truck Fleet

18May By PriyankaNo Comments

News

Logistics Solutions Provider Rivigo Eyes on 3000 Truck Fleet

Eyeing a larger market share, logistics solutions provider Rivigo is banking on drivers relay system for faster delivery of goods and is looking to take its trucking fleet to 3,000 this fiscal. The firm, which has a fleet of 800 trucks, claims that based on its innovative drivers relay system, truck loads are delivered to Chennai from Delhi in two days instead of conventional eight days. "Logistics is one of the largest industries -- more than USD 100-billion size -- and there is enough to do in this market... we started working on the Driver Relay Model wherein we change over the drivers after every few hundred kms... This improves the turnaround time and service levels," Rivigo CEO Deepak Garg said in a statement. Garg, who is an alumnus of IIT Kanpur and IIM Lucknow, is a f...

18Apr By PriyankaNo Comments

ACQUISITION

JK Tyre Completes Rs 2,195 cr Acquisition of Cavendish

JK Tyre & Industries has completed the Rs 2,195 crore acquisition of Cavendish Industries, a Kesoram Industries unit, enhancing its position in the domestic market, especially the truck and bus radial segment. "With the completion of the acquisition of Cavendish Industries we have further strengthened our position in the truck and bus radial segment. It has also given us entry into two and three wheeler vertical," JK Tyre & Industries Chairman and MD Raghupati Singhania told reporters here. The acquisition is in line with strategic vision of JK Tyre to become one of the leading tyre companies of the world having a well rounded portfolio of product offerings, he added. The acquisition brings an additional capacity of 100 lakh tyres to the JK Tyre, he added. Caven...