Tata Motors said today that it has bought 26 per cent stake in TruckEasy, a tech-based freight aggregator, marking its first investment in a start-up. It did not disclose the deal value.
Tata Motors said today that it has bought 26 per cent stake in TruckEasy, a tech-based freight aggregator, marking its first investment in a start-up. It did not disclose the deal value. The investment is being done through Tata Motors Finance Holdings, a wholly-owned subsidiary of the company, Tata Motors said in a statement.
TruckEasy, which is owned by Bangalore-based logistics company Loginomics Technologies Solutions Ltd, was formed in 2015 providing service for transporting needs of businesses within the city. The start-up will use this investment to expand it footprint to additional cities.
Tata Motors said the investment is part of its continued endeavour to bring smart solutions to enable the Trucking Community to have better lives and improve their livelihood.
Tata Motors President – Commercial Vehicles Business Unit (CVBU) Girish Wagh said: “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 countrywide.” TruckEasy CEO Nikhil Thomas said the company’s plan is to expand to other cities.
“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 small CV segment, the alliance will certainly give us access to lot of vehicles and businesses through their network,” he added. Tata Motors said the strategic investment in TruckEasy will provide it 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,” it added. The data analytics provided by TruckEasy will be further used for research and development thereby allowing for better customisation of product specifications in line with market requirements, the company said.