Emerging technology platforms are expanding the horizon of transportation and logistics, specifically those empowering the user community by collaborating partners and aggregating data. SaaS (Software as a Service) stands tall as a prime example. It’s basically a multi-user environment where the provider and consumer can access a shared solution through internet. What makes SaaS for Transport Management System (TMS) so unique? The intangible benefits that exist by being a part of a community rather than working alone in closed walls of your organisation. This logistics transportation network also helps companies to improve overall supply chain management in a shared environment. To empower this much needed technology in a developing country like India MindYourFleet (MYF) came into being.
Founded by Jitender Arora and Malvinder Singh Rikhy in 2014, MYF provides SaaS for TMS and logistics. It’s an online collaborative tool for car rental companies to manage, promote and distribute their businesses, in a seamless and effective manner. From Corporate Client Management, Supplier Management, Booking Management, Dispatch Management to Invoice & Billing Management, etc this Delhi-based startup is creating an inventory network.
Malvinder Singh Rikhy fondly known as MSR to his colleagues & friends, is a well known name in the travel & hospitality industry. With 25+years of experience, which includes holding designations such as COO of Indian Hotels (popularly known as Taj) and CEO of Koni Travels. Jitender Arora is a die-hard entrepreneur, an alumnus of Delhi School of Engineering. Known for his practical approach towards the business, and for providing unconditional support, he has been continuously applauded for his dedication towards entrepreneurship and the startup ecosystem as a whole.
The company is enabling vendors to create an inventory which can further be shared with other vendors forming an inventory where business are merging/collaborating for common needs and purposes. Leveraging global SaaS network is extending the value of traditional on-demand by bringing together and enabling collaboration between logistics service providers, supply chain partners and customers from around the globe
In a statement Malvinder said,“We wanted to create an opportunity for small, medium & large car rental companies to cross utilise inventories. Talking about the stats, Ola and Uber combined are not even 7% of the total market share. 93% of cabs are running with low inventory utilisation, that’s the market we’re after. We think we can create alternatives and collaborate with Ola & Uber. At the end of the day we’ll be creating an inventory which will be several times bigger than both.”
Progress Till Date
The company is working on a subscription based model where it charges its clients accordingly. But before that, the company also charges a one time setup fee for installing the entire system. The company is aggregating 1000 trips a day.
MindYourFleet recently raised an undisclosed amount of funds from anonymous investors, April this year. The company is plans to expand geographically and use funds to acquire talent.
Transparency Market Research (TMR) has recently published a market study on the global transportation management systems market. The research report, titled “Transportation Management Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022”, states the value of the global market at $6.8 billion in 2013. Over the period from 2014 to 2022, analysts expect this marker to develop at a CAGR of 12.20% and reach an estimated value of $19.2 billion by the end of the forecast period.
TMS having benefits like cash visibility and adding strategic value are a lost cause for medium sized firms because they neither have the budget nor the resources to implement the traditional TMS. Now these firms do hold an opportunity to automate, improve earnings and risk viability, also adding value business if they use the right technology.