Vahak plans premium services, offers cargo insurance

Transportation community platform Vahak is developing premium services for manufacturers, shippers/cargo owners and OEMs that need bulk transportation, as well as new value-added services (VAS) such as cargo insurance, over the next few months.

“These services, in addition to existing features such as vehicle insurance, GPS, branding and network building, will provide online accessibility and ease of doing business for the road logistics sector, which carries 80 percent of India’s freight traffic,” says Karan Shaha, co-founder and CEO, Vahak. “Our vision is to build a trusted transport community platform that cares about the growth and well-being of transport companies, fleet owners and truck drivers. The trucking community is a major contributor to the Indian economy and we have captured less than 1% of the $250 billion market. In the next 4 to 5 years, we aim to capture 10 to 20 percent of the market, in line with deeper internet penetration and increasing technology adoption in the last mile.”

Shaha and Vikas Chandrawat co-founded Vahak in 2019 to digitize India’s logistics industry, which now accounts for about 14 percent of GDP. “Vahak is leading the transformation of India’s road logistics sector with its Artificial Intelligence (AI) and Machine Learning (ML) powered mobile app for cargo and truck bookings across India. Through its loader truck matchmaking feature, Vahak has improved profitability for truckers with increased trips with less reliance on personal networks, greater geographic reach, and easy chargeback booking. Vahak has also created a one-stop shop by bringing financial services such as vehicle insurance, secure payments and truck-related VAS to the platform.”

While the first 500 customers came through face-to-face contacts, it grew to more than 10,000 users within the first six months, “which established the pull from the market,” says Shaha. Based in Bengaluru, Vahak is now a company with 130 employees. With over $20 million in funding to date, Vahak manages over 0.5 million monthly active load bookings in its app. “Supported by intuitive UI/UX and translations into seven languages, transaction volume on the recently launched Vahak payment platform shows 100 percent quarter-over-quarter growth,” says Shaha. “Our goal is to achieve an annual run rate (ARR) of $1 million by December 2023, supported by positive government investment in road infrastructure, higher demand in Tier 3 and Tier 4 cities and faster adoption of the Internet in the countryside. Mile.”

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