The 4TiGO has partnered with the Federal Bank to implement an innovative B2B electronic payment platform.
4TiGO, a logistics start up backed by Nandan Nilekani and Accel Partners, on Wednesday announced the start of its operations in Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Kerala and Goa. It aims to expand to 100% coverage of the country within the next 12 to 18 months.
4TiGO's cloud-based technology platform and complementing business services will bring various stakeholders of the logistics industry including consignors, consignees, fleet owners, transport companies and agencies together on a common platform and enable them to exchange information, transact and manage their entire business.
At the launch of the 4TiGo Network in Bengaluru on Wednesday, Nandan Nilekani said that he was pleased with the way 4TiGO has approached the deployment of orchestrated network to transform the Indian logistics industry ecosystem. "In the past, you brought in efficiency into markets through large companies - big farms, big retailers, big trucking companies. With pervasive connectivity, affordable mobile technologies, these are now achievable at an industry-level by orchestrating a network of trust of various industry players. Such networks can achieve unprecedented scale, without compromising agility and flexibility,'' Nilekani said.
The 4TiGO has partnered with the Federal Bank to implement an innovative B2B electronic payment platform, integrated with its core transaction and contract management process. The Federal Bank has developed a special credit program to provide working capital support for the network participants.
Indian Oil Corporation Limited has joined the network as its strategic network partners. Together with 4TiGO, the IOCL will leverage its 800 plus networked retail outlets to provide complementary amenities like secure parking, overnight stay, breakdown assistance, repair and maintenance facilities etc. The members of 4TiGO network will also receive discount on fuel and other purchases from the IOCL outlets. "We were especially impressed by the 4TiGO's holistic understanding of issues faced by each and every stakeholder in the ecosystem, especially the role of the truck driver in driving this transformation. It aligned perfectly with the IOCL's initiative to create infrastructure and amenities for greater safety, security and convenience of the drivers on the highways and led to the creation of driver-focused 4TiGO-IOCL Fuel Card Program,'' said S Varadachari, Executive Director, Indian Oil Corporation Limited.
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