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4TiGO, a company formed to serve as a freight exchange facilitator for truckers in the country, is set to close in on Series A funding to fuel its expansion plans.
Announcing the roll out of its services in Andhra Pradesh and Telangana, the Bangalore-based start up, venture funded by Nandan Nilekani, founder of Infosys and Accel Partners, Vivek Malhotra, Co-Founder of Fortigo Network Logistics, said the company has positioned itself as an online freight exchange facilitator for truckers, offering a number of services, including cashless transactions.
As the company seeks to bring more truckers on board its platform and expand its network, the company is advanced stage of closing Series A funding, (likely to be in the range of $10 million) to meet its expansion plans.
Refraining to get into further details of the funding, he said, “This is likely to be concluded soon.”
Fortigo, which in Greek means Truck, provides additional business services on its platform including live monitoring and tacking, application-level integration with partners for cashless purchase of diesel and electronic toll.
Malhotra said, “Traditionally, truck drivers and fleet owners have been dependent on the use of cash for funding trips. By facilitating online transactions, the risks associated with cash transactions are put behind. From lorry hire to fuel and toll payments, and even remittances by the driver to his family, everything can be handled with 4TiGO app and its platform.”
The network is now operational pan-India with more than 1200 truckers on board. Malhotra expects this number to go past the 50,000 mark by the year end.
The company has partnered with Indian Oil and Federal Bank to offer business to business electronic payment, while extending working capital credit for transporters on the network.
With Indian Oil, 4TiGO is seeking to use more than 800 outlets on the Highways to provide amenities to truck drivers, which includes overnight stay facility, secure parking, breakdown assistance and repair and maintenance facilities.
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