Trucking logistics start-up 4tigo has raised about $10 million in Series A funding from existing investors Accel Partners and Infosys co-founder Nandan Nilekani, according to mint.
4tigo will use the funds to expand its current network of trucks, invest in building its core technology product further and help small and medium-sized fleet owners in getting on the Goods and Services Tax Network (GSTN), among other things
4tigo was founded by IIT Kanpur alumni Vivek Malhotra and Anjani Mandal in September 2015.
4tigo is a fleet management service for truck owners that will help them manage and track their inventory more efficiently and help save logistics costs, while also helping truck drivers plan journeys more effectively and reduce the possibility of delays in transportation.
Fortigo Co-founder Vivek Malhotra said,
” Fortigo currently has about 6,500 trucks on its platform and will scale up rapidly to accommodate close to 50,000 trucks by sometime next year.Fortigo will also look to build out a payments platform for the logistics industry with the funds.”
Fortigo had previously raised about $2 million in seed funding from both Nilekani and Accel at the time of its launch.
Subrata Mitra, partner at Accel Partners India said,
“With the proposed GST coming up and growing importance of electronic payments in business transactions, we expect the Fortigo Network to play a significant role in transforming the unorganized and fragmented transport industry. As India’s only freight exchange enabled with transactions, Fortigo also provides unique value-adds including electronic payments at primary as well as secondary levels.”