by Analytics Insight
February 14, 2022
Freightwalla is a well-known digital freight forwarder for providing digital services
Digital freight forwarders have started leveraging advanced technologies and tools for a smooth communication flow between shipments. The global digital freight market size is expected to reach US$22.92 billion in 2030 with a CAGR of 23.1%. It helps reduce paperwork by sharing documents on web platforms for easy access to shareholders.
Here is an exclusive interview with Punit Java, co-founder and CTO of Freightwalla, which focuses on providing digital services as a digital freight forwarder to offer an online platform for businesses.
1. Please inform us about the company, its specialization and the services offered by your company.
Freightwalla is India’s leading digital freight forwarder, enabling businesses to efficiently manage their end-to-end global logistics operations with transparency.
Freightwalla offers a unified and intuitive online platform allowing businesses to easily plan, budget, book and manage their shipments. Services include an instant planning and costing tool, real-time tracking capabilities with predictive analytics, online documentation, smart analytics and streamlined reporting with a plethora of value-added custom services such as transport, customs clearance and financial services such as trade finance. freight insurance to name a few.
2. With what mission and what objectives was the company created? In short, tell us about your journey since the creation of the company?
Freightwalla was launched in 2017 by Sanjay Bhatia (CEO), Bharat Thanvi (CMO) and Punit Java (CTO). He started his journey with the vision to revolutionize global maritime logistics using cutting-edge technology. All three founders had direct experience of industry inefficiencies. The company’s mission is to create a service that meets modern business needs for simplicity and transparency for shippers worldwide. Freightwalla, in order to realize its vision of disrupting the conventional shipping industry through its digital services, has successfully raised over $5 million in funding from global investors.
Since its inception, Freightwalla has partnered with over 30 shipping companies and serviced over 1000 port pairs, enabling over 300 companies to take the hassle out of global shipping. With a strong network spanning over 120 countries, Freightwalla has successfully carved out a niche with numerous awards and accolades from reputable publications and companies like Inc42, CEOInsights, CIO Advisor, and IMC Chamber of Commerce and Industry, among others.
3. Tell us how your company contributes to the country’s IoT/AI/big data analytics/robotics/autonomous vehicles/cloud computing industry and how the company benefits customers.
Freightwalla has been a key player in disrupting the $160 billion industry through its digital platform that is powering the digitalization of the shipping industry.
Its freight forwarding platform allowed shippers to review and choose shipping plans from the best service providers by easily comparing rates, transit times, schedules and other criteria based on their business needs. Detailed price and trend information, real-time tracking of their cargo, online document management, workflow management and a plethora of value-added services have helped them optimize their logistics operations. All of the above features are backed by the use of cutting-edge data analytics and ML algorithms delivering intelligent and actionable insights, delay prediction and custom reports for data-driven decision making.
The latest offering, Cargo Tracker, is an intelligent tracker that provides real-time, end-to-end visibility of containers booked across multiple shipping lines, regardless of the freight forwarder used on a single platform. It uses predictive analytics and ML algorithms to predict estimated time of arrival (ETA) and port delays based on a number of signals. Automated alerts at every stage allow businesses to make informed decisions and proactively combat shipping delays.
Freightwalla’s technology platform provides actionable insights that help shippers quickly reschedule and reroute their cargo, giving them an edge to proactively mitigate risk. The use of disruptive technologies has given shippers greater control over their supply chains, improving their efficiency and optimizing their costs.
4. What is your biggest USP that differentiates the company from its competitors?
Freightwalla’s competitive advantage lies in its intuitive, easy-to-use, and feature-rich platform, backed by cutting-edge technologies such as big data analytics and ML algorithms. This resulted in savings in labor hours and profitability. For example, customers have seen a 70% reduction in shipping planning time with an online planning and costing tool, a 30% reduction in document processing time, and a reduction in costs by reducing errors and delays in the process.
Centralized dashboards, configurable daily shipping reports and shipping analytics facilitate better business decision making. End-to-end visibility coupled with predictive ETAs, carrier performance ratings, and live tracking sharing capabilities result in strong customer retention and assured business continuity.
5. Please let us know what products/services/solutions you offer your customers and how they benefit from them.
Freightwalla is a digital freight forwarder that provides freight, transportation and customs clearance services to companies that deal in imports and exports. As part of the service, the company also offers a digital offering that includes:
- A simplified planning and costing tool for businesses to budget and plan their shipments
- Detailed route and timetable information with a full price breakdown
- Real-time tracking capabilities with predictive analytics
- Digital workflow and online document management
- Smart analytics and simplified reports on daily status and monthly expenses
- Custom add-ons such as land transport, customs clearance, financial services such as trade finance and cargo insurance, pre-shipment cargo testing, pre-trip inspection, container survey, live temperature monitoring and container fumigation via a robust partner network.
Digitizing freight forwarding saves companies up to 70% of the working hours spent on traditional freight forwarding. Additionally, customers experience a 30% reduction in their documentation processing time, combined with improved accuracy and compliance, see improved reliability in their shipment schedules, and demonstrate better control over their chain. supply. All of these factors translated into increased operational efficiency and satisfaction.
In addition to shipping services, it also offers customers online cargo tracking for their shipments. Cargo Tracker is an intelligent shipment tracking tool that allows companies to track, trace and share real-time ship locations with their team and customers. It facilitates real-time tracking of containers across multiple carriers booked with multiple service providers on a single platform. Plus, it uses predictive analytics to help businesses proactively combat shipping delays.
6. What are your growth plans for the next year?
Growth plans for next year include:
- Invest heavily in key technologies such as AI/ML, IoT, e-bill of lading and improve integration with key partners to bring even more efficiency to services
- Expand pan-Indian footprint while currently serving customers in West and North India with expansion plan to South India
- Offer additional services to help businesses streamline their end-to-end freight management. Stay tuned for future announcements!
7. What are some of the challenges facing the industry today?
India’s logistics industry is valued at over $200 billion to date. However, it is mostly unorganized, driven by error-prone, time-consuming and expensive manual processes. SMEs and small freight forwarders transport more than 70% of market volumes. While the economy has exhibited a sine wave amid multiple waves of the COVID-19 pandemic, the industry is grappling with multiple challenges:
- Manual processes and lack of digitization: The industry has never been open to adopting technology to streamline the activities involved in freight management. With a lack of information on equipment availability, lack of transparency in pricing, and lack of visibility into cargo progress, inefficiencies have crept into supply chains, driving up costs and project delays.
- Changing consumer behavior has led to a surge in demand for consumer goods, contributing significantly to new demands for freight capacity. However, limited freight capacity has hampered schedule reliability and customer satisfaction.
- Capacity fluctuations and lack of space in containers have caused freight rates to skyrocket and severe delays in delivery
- Leaving shippers with unused product due to increased container shortage holding and storage costs and complicated relations between shippers and carriers.
- labor shortages, due to port workers affected by COVID-19, have played an important role in port congestions. Consequently, this has disrupted global supply chains and prolonged delays to a large extent. The same trend is also seen in transportation, where there is a growing demand for truckers and a declining supply.