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10 July, 2018
~Investment will help gain insights into the logistics space~
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Tata Motors picks up 26% stake in TruckEasy – Seen in the photograph – Avinash Achar, Vikram Kodgi, Nikhil Thomas – the 3 promoters of TruckEasy with Girish Wagh – President, CVBU, Tata Motors, Shailesh Chandra, President – Electric Mobility Business and Corporate Strategy, Tata Motors and Samrat Gupta – CEO, Tata Motors Finance at the signing ceremony in Bangalore.
Tata Motors Finance Holdings, a wholly owned subsidiary of Tata Motors Limited, today picked up a 26% stake in TruckEasy, a tech based freight aggregator owned by Loginomics Technologies Solutions Limited, a Bangalore based logistics company. This is part of Tata Motors’ continued endeavor of bringing smart solutions to enable the Trucking Community to have better lives and improve their livelihood.
TruckEasy was formed in 2015 in Bengaluru by 3 passionate young entrepreneurs’ – Nikhil Thomas, Vikram Kodgi and Avinash Achar. The company provides timely and reliable service for the transporting needs of businesses within Bangalore. Truck Easy will use this investment to expand it footprint to additional cities.
This strategic investment in TruckEasy will provide Tata Motors an insight into the rapidly growing technology-driven transformation in the freight logistics space and also 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, the load consigner thus enabling to provide better products and solutions. The data analytics provided by TruckEasy will be further used for research and development thereby allowing for better customization of product specifications in line with market requirements.
Speaking on the investment, Mr. Girish Wagh, President –Commercial Vehicles Business Unit (CVBU), Tata Motors said “Tata Motors has always been at the forefront of providing a differentiated service experience to the trucking community by not only providing them with the means of income but also creating business opportunities. Truck Easy 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. Through this investment from Tata Motors, TruckEasy will be able to access our wide network to grow the supply side and also to expand to multiple locations country wide.”
Commenting on this strategic investment by Tata Motors, Mr. Nikhil Thomas, CEO –TruckEasy said, “TruckEasy has been on a disciplined growth since its inception, having coverage all over Bangalore serving both the planned and unplanned business segments. Our plan is to expand to other cities and replicate the success we have 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 & businesses through their network. This would help us scale at a much faster pace. We in turn can give deeper insights into the SCV usage pattern with our vehicle data analytics. The driver community will be more confident on the aggregation business with Tata’s entry. Truly exciting times ahead!”
About Tata Motors
Tata Motors Limited (BSE: TATAMOTORS), a USD 45 billion organisation, is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles. Part of the USD 100 billion Tata group, Tata Motors is India’s largest and the only OEM offering extensive range of integrated, smart and e-mobility solutions. Tata Motors has operations in the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 76 subsidiary and associate companies, including Jaguar Land Rover in the UK and Tata Daewoo in South Korea.
With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, Tata Motors is India’s market leader in commercial vehicles and amongst the top four in the passenger vehicles market. With ‘Connecting Aspirations’ at the core of its brand promise, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. Tata Motors strives to bring new products that fire the imagination of GenNext customers, fueled by state of the art design and R&D centers located in India, the UK, Italy and Korea. Internationally, Tata commercial and passenger vehicles are marketed in countries, spread across Europe, Africa, the Middle East, South Asia, South East Asia, South America, Australia, CIS, and Russia.