Cogoport, Mumbai-based online international freight exchange has recently started its operations in Gujarat market. The company currently offers price discovery and booking using a data-driven technology solution, thus enabling a simpler, smoother and seamless freight booking experience for international freight.
The value proposition of Cogoport centres around seamless and quality services at the best price for business houses to export and import goods warehouse to warehouse through a transparent, full stack solution for all stakeholders from the convenience of their mobiles and desktops. The company is certified under Startup India initiative by the Government of India (under Department of Industrial Policy & Promotion) and leverages the Make in India led initiatives to derive benefits along the line.
The beta platform was first deployed in Gujarat and has observed strong revenue growth so far. It is currently clocking an annual revenue run-rate of $10 million so far and volume run rate has been annualised 9000 containers, 2500 truck moves. Client registration on the platform has been very consistent, with 1700 registered client.
“Our plan is simple, get driven by our customers, business existence should be because of value we bring to our customers and not because of prevailing inefficiency. Give our customers the solution they want and in this process our priority is to roll out products around trucking, customs, scale to pan india and very soon establish ourselves in Pan-Asia & Europe market,” said Kunal Rathod, Co-founder, Cogoport.
“Ultimately we want to bring entire eco system on one platform in a very transparent and highly encrypted way so as to make this oldest industry paper less and currency less. It is a multi trillion dollar industry globally and we have a long way to go, but we believe so far we have exceeded our customer’s expectations,” added Purnendu Shekhar, Founder & CEO, Cogoport.
The platform’s complex algorithm takes millions of line items – prices, transit times, vessel details for one lac port pairs across the world and hundreds of suppliers, runs through distributed computing models and display best freight rates in the personalized dashboard of an importer and exporter to book in a single click. After the shipment is booked, the operations dashboard allows customers to track the shipments and also provides numerous analytics around that particular shipment. Right now Cogoport’s priority is to shrink this century old business into a smart phone screen and in very short future that will get replaced by a voice command. The company is constantly bringing new innovations to this industry and with the rise of cryptocurrencies and blockchain, in the near future it will be launching its own cryptocurrency built on ethereum smart contract to bring uniformity in freight prices.
Image: Purnendu Shekhar, Founder & CEO, Cogoport