iKargos.com grows 500% in just 3 years, using technology to simplify international logistics
Leverages technology to simplify International Logistics
iKargos.com has been growing phenomenally since its inception. The company was started 2 years ago in May 2020 by Rekha Atri, with the vision of digitizing international logistics. iKargos.com is a full-service cross-border digital supply chain platform that simplifies international logistics for the end customer by providing a transparent and cost-effective supply chain.
Rekha explains, “Logistics has always been a tedious and manual process. There are multiple stakeholders involved in moving a shipment internationally. One has to coordinate with various Shippers, Shipping lines, Customs Brokers, CFSs, Transporters etc. to get a single shipment across international borders. It takes more than 20 companies in a single transaction. For most regular importers and exporters, there are multiple shipments going on at the same time. It is quite a nightmare. We decided to integrate the entire process and give the customer one single dashboard.” She continues, “Our customers can manage their entire supply chain by simply logging online to our website. We are also the only integrated player in the industry to offer all related services under one roof. Since everything related to the shipments is done in-house, we are able to offer our customers a seamless experience.”
Industry Size and Growth
iKargos.com is growing at the pace of unicorns albeit without burning money. iKargos.com has been growing profitably year-on-year and has displayed growth of 500% each year consecutively for 3 years now. iKargos.com was able to break even in its 2nd year of operations and has maintained its profitability since.
The size of the logistics industry was a colossal US$9.96 trillion in 2022 and it is expected to grow to US$14.7 trillion by 2028. As more and more businesses move online, logistics provides the backbone and enables seamless delivery of services. All giants like Amazon, Walmart etc are investing heavily into logistics and the sector is bound to grow at a phenomenal pace.
Market Presence and Expansion Plans
iKargos.com is present at all major ports in India with their offices in 20+ locations and an international location in UAE. Its large agent network enables iKargos.com to deliver services to 158 countries across the globe including the USA, Europe, Asia and Africa. This next-gen LogTech firm has over 500 companies as its clients and handles over 3000 commodities like Food and Beverages, E-Commerce, Electronics, Optics, Elevators, Packaging, Apparel, etc. Despite being a young company iKargos.com has a clientele of the biggest names in the industry. Well established international logistics companies are also tying up with iKargos.com to leverage the seamless infrastructure that iKargos.com has built.
iKargos.com plans to add offices in south-east Asian countries like Indonesia, Thailand, Malaysia, Singapore in 2023. iKargos.com is also acquiring containers for its operations and to reduce dependence on shipping lines. This incredible growth has been fueled by the consistent efforts of its 120+ employees. The in-house tech team has expanded 3x which develops the platform to ensure the best of technology and services is delivered to its customers.
iKargos.com has recently acquired majority stake at Navbharat, an established forwarder and CHA. With this acquisition, Adv. Prashant Dwivedi, the MD of Navbharat has joined iKargos.com as its Co-founder and MD. Prashant is an MBA from IIM Calcutta and has decades of experience in the logistics industry. Rekha’s 15+ years of experience in Big 4 companies like Deloitte, PWC etc coupled with Prashant’s logistics Industry expertise ensures that iKargos.com keeps growing unfettered.
Services and Expertise
iKargos.com provides the full-service experience to its customers. Everything needed for a shipment is provided on its integrated platform.
Services offered by iKargos.com:
- Air and Sea Freight
- Custom Clearance
- HS code Search
- Product Compliance
- Inland Transportation
- First and Last mile service
- Cargo Insurance
- Online Tracking of Cargo
- Supply Chain Consulting
- Reports and Analytics
- Survey and Inspection
Government focus and push
Prime Minister Narendra Modi launched the National Logistics Policy (NLP) on 17th September 2022. The policy aims to lower the cost of logistics from the existing 13-14% and get it on par with developed countries. This will increase the competitiveness of Indian products in both the Indian home market and the international market. Moreover, the reduced cost will also increase efficiency efforts cutting across all sectors of the economy.
The backbone of India’s international trade is logistics, which aids in the diversification of the country’s exports and of products manufactured in the countries. The NLP thus aims to promote seamless movement of goods and enhances the competitiveness of Indian industries. Also, it seeks to reduce the logistics cost from 16 per cent of Gross Domestic Product (GDP) to a global average of 8 per cent by 2030. Further, as per the estimates, the worth of the Indian logistics market will be around $ 215 Bn in the next two years compared to $ 160 Bn. Investment Information and Credit Rating Agency of India Limited (ICRA) estimates that the sector will develop at a CAGR of 10.5 per cent through 2025 after growing at a CAGR of 7.8 per cent over the past five years. This sector employs more than 22 million people in India, which through skill development is expected to grow at the rate of 5 per cent in 5 years.
iKargos.com is well poised to benefit from the governments push and the new logistics policy.
Serial entrepreneur and early backer, Pravin Sinha is enthused by the growth that iKargos.com has shown. He states,” When I decided to back iKargos.com, I took the bet on the industry and the founder. With Prashant joining iKargos.com, the team is unstoppable. We are set for an astronomical growth as is demonstrated in the 5x y-o-y growth. I am confident that this is just the beginning. We have big plans and will disrupt the logistics industry massively”.
iKargos.com has also raised seed funding from GAIL (Gas Authority of India Ltd) and has been utilizing the funds for its growth and expansion.