GoBOLT was launched in September 2015 with an aim to offer industry-best logistics services and disrupt the India’s existing logistics industry by introducing/creating benchmark practices, thoroughly integrating technology into its operations while maintaining unparalleled Professionalism, Accountability and Transparency of Information. The company is working in Express & non-Express FTL (Full truck space) & plans to enter part load business shortly.
GoBOLT is a Tech logistics start-up operating in B2B surface transportation space in Long hauls and short haul operations. The company was started by the trio Sumit Sharma, Parag Aggarwal and Naitik Baghla with a combined industry experience of 20 years in Logistics, Supply Chain & financial sector. After completing their studies from top Engineering colleges and B-schools of the country like DCE & SP Jain institute of Management & Research, the promoters have worked in the logistics sector before venturing GoBOLT.
GoBOLT is using technology for Fuel optimisation, Operational Planning and allocation based on geospatial and status data, dynamic route management and control. Within a short span of 10 months, GoBOLT is servicing 60 Cities/towns with 4,000+ empanelled marketplace trucks. GoBOLT also boasts to have started some industry firsts too.
It is the first to leverage marketplace trucks for express Ecommerce deliveries. By putting in better and innovative controls with the extensive use of technology, it is able to crack the model of Super Express deliveries on market Place Trucks. The team also just started a SAAS based marketplace Freight Management System “LaunchPad”. Apart from e2e controls, track & trace, “LaunchPad” has a unique self-learning platform of sourcing and price analytics which GoBOLT says will help in building technology enabled spot sourcing as one of their competitive advantages.
It is different from a traditional transporter in use of technology and disruptive business processes. It is different in technology and operations, which are as follows:
- Procure fungible fleet to ensure Asset Rotation across Industries
- Containerization of Vehicles & Digital Locking for Shipment Safety
- Long Term contracts for attaching Dedicated Vehicles for flexibility
- Strict Buyer Rules and Mandates to arrange Market Place Vehicles at optimum costs.
- Tech-Enabled Buying processes to ensure Brokers are removed till the last-level.
- Reduce Idling times
- Mitigate Detentions & Border Waiting Times
- Minimize Vehicle Breakdowns
- Lower Driver Fatigue
- Strategic Warehousing on major routes for Part Load consolidation.
- Algorithms to optimize Load-ability and propagate en-route Load consolidation.
- Right trucks type identification through analytics engine.
- Route Optimization through analytics engine incorporating traffic conditions.
- Electronic Documentation, E-PODs, Auto-State Transit Pass & Entry Permit, Compliance
- Vital KPIs measurement and control
- Real Time Shipment Information
To start, it invested its own money so the company was bootstrapped. Post that, the company attracted money from MCube Capital (amount undisclosed). As the industry is technology based and since it is Tech Logistics Company, so the fund was obviously used for the adoption of technology and its advancement and then it shifted usage of the fund for team expansion.
Presently, the company is having 20 clients with around 3 Mn $ annual revenue run rate and is catering to marquee clients like Flipkart, GSK, Panasonic, Pepsi, Pepperfry, Tupperware to name a few with their expertise services. GoBOLT is the first logistic company to leverage market place trucks for express ecommerce deliveries.
Expand Footprint: The Company plans to expand their footprint on eastern lanes in ecommerce & non-commerce sectors.
Invest in Part Load Business: By Q-1 2017 GoBOLT plans to enter part load Business Market on some innovative operating methods. FTL business is our rock bed foundation. Leveraging this, it now plans to enter new areas where margins are high & sustainable as well.
It targets to clock around 8 million $ in revenues in FY 2018. It is also looking to raise funds which will be predominantly used in Technology (owned & market place), Building team & expanding operations.
The Company plans to expand their footprint on eastern lanes in ecommerce & non-commerce sectors. Also it is planning to raise the next round of funding in the coming 6-months to fuel expansion further. Also, by Q1 2017, it plans to enter part load Business Market on some innovative operating methods.
When asked what their biggest challenge and the secret ingredient to the success was, “Getting transporters on board was our biggest challenge, as this is a very fragmented market with heavy broker reliance for demand generation. Technology adaptation is also a challenge in this industry as the industry is driven by transporter having very little focus on technology.
After completing our studies from top Engineering colleges and B schools of the country like DCE & SP Jain institute of Mgmt. & Research, we worked in the logistics sector before venturing GoBOLT. The relevant work experience has provided us with an exposure and right perspective on the challenges and opportunities in this particular sector.
Further to this, I am a frequent traveller and have travelled to developed economies like USA, where asset utilization in the trucking industry is very high. This gave us an insight to how the problem of asset utilization in Indian trucking industry can be improved and thus, the idea of forming a company came to reality.”
Sumit Sharma states that responsibility, innovation and the ability to face challenges are key to budding entrepreneurs and the others alike.
— Team SoS