Tata Motors Finance Holdings, a wholly-owned subsidiary of Tata Motors Ltd, has announced that it has picked up 26 % stake in TruckEasy, a Bangalore-based freight aggregator owned by Loginomics Technologies Solutions Ltd. This investment will help Tata gain insights into the logistics space, and is part of the company’s continued focus on bringing smart solutions to enable the trucking community to have better and improve livelihood.
TruckEasy was formed in 2015 to provide timely and reliable service for the transporting needs of businesses within Bangalore city. The company will use this investment to expand it footprint to additional cities, Tata Motors noted. It will provide Tata Motors an insight into the rapidly-growing, technology-driven transformation in the freight logistics space and get an understanding of the market dynamics in the intra-city freight movement. This will also enable Tata Motors to stay closer to the final customer, thus enabling to provide better products and solutions. The data analytics provided by TruckEasy will be used for R&D thereby allowing for better customisation of product specifications in line with market requirements, the company said.
Girish Wagh, President - Commercial Vehicles Business Unit, Tata Motors, said TruckEasy is promoting entrepreneurship amongst transporters and providing them with a stable income. The young start-up has grown manifolds due to its partner-based module and its outstanding service to its customers, he added. Wagh noted that through this investment, TruckEasy will be able to access Tata Motors’ wide network to grow the supply side and also to expand to multiple locations country-wide.
The company has been on a disciplined growth since its inception, having coverage all over Bangalore serving both the planned and unplanned business segments, noted Nikhil Thomas, CEO, TruckEasy. He said the plan is to expand to other cities and replicate the success TruckEasy has had in Bangalore. “With the entry of Tata Motors as an investor, a box of limitless opportunities has opened up. Tata Motors having a majority market share in the SCV segment, the alliance will certainly give us access to lot of vehicles and businesses through their network,” Thomas further added.