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BlackBuck raises nearly INR 476 cr from Sands Capital and existing investors 22 March 2017

BlackBuck, today announced it has raised USD 70 million (approximately INR 476 cr) in a Series C funding from Sands Capital and existing investors.

The latest round of funding will be invested in building technology-led products for the freight industry to bring out efficiencies for, both, customers and truckers.

The company said in a statement here, It will also use the funds to scale up operations. BlackBuck was founded by a three member team with a cumulative 25 years of logistics experience in April 2015.

Rajesh Yabaji, Cofounder and CEO, BlackBuck said,“Over the past couple of years, our understanding of freight dynamics has helped us create ...

Parliamentary panel for regulator in container logistics space 18 March 2017

The Department-related Parliamentary Standing Committee on Transport Tourism and Culture on Shipping Ministry has called for a high powered inter-ministerial group to take policy decisions on internal trade and a high-powered regulator for managing the entire area of container logistics.

The committee stated in the report, “The entire container trade is being controlled by overseas MNCs resulting in high operational costs to India internal trade.”

“The committee observes that transportation in a subcontinent like India has to be essentially based on multimodal system.

“The committee recommends that a high powered inter-ministeria...

Govt. will launch an Integrated Transport and Logistics Policy 16 March 2017

Road Transport and Highways & Shipping Minister Nitin Gadkari has said, the Government will launch an integrated transport and logistics policy aimed at increasing the average freight speed on highways to 50 kilometer (km) per hour and cutting costs by half.

Gadkari added that “The plan includes construction of 50 economic corridors, 35 logistics parks and 10 intermodal stations at a cost of INR 5 lakh crore.”

In the budget speech, the Finance Minister had said that a specific programme for the development of multimodal logistics parks, together with multimodal transport facilities, will be drawn up and implemented.

The plan will bring t...

DHL Express launches On Demand Delivery 01 March 2017

DHL Express has launched On Demand Delivery, a new service enabling shippers in India to give their receivers across the border, the ability to select from a range of delivery options.

The company said in a statement "With On Demand Delivery, shippers can choose to activate specific delivery options, and transfer the power of choice to them. DHL Express will proactively notify customers via email or SMS about a shipment’s progress and, at the same time, allow receivers to select from a range of delivery options that best suits their requirements via the On Demand Delivery mobile-optimized website. With the launch of this service, shippers in India will be able to ...

WB offers over USD 1 billion loan to Maharashtra 01 March 2017

The World Bank (WB) has announced an assistance programme of over USD 1 billion in the areas of urban transport and climate resilient agriculture in Maharashtra, over the next 2-3 years.

This was announced by the World Bank’s Chief Executive Officer, Kristalina Georgieva, at the end of a day-long visit to the city.

Over the last five years, World Bank had invested over USD 1.4 billion in Maharashtra in urban transport, rural water supply and agriculture.

Chief Minister Devendra Fadnavis said, “The Government of Maharashtra is committed to sustaining high economic growth for its people. The State faces significant challenges, particularly in ...

Seaways shipping and logistics Ltd. opens new warehouse 25 February 2017

Seaways Shipping and Logistics Limited Friday said it has opened a new warehouse in its Free Trade Warehousing Zone (FTWZ) division at Sriperumbudur, near Chennai.

Vikas Sirohi, Vertical Head, Turnkey Projects and FTWZ Services said that "Seaways FTWZ is consolidating its presence in the southern region through the Sriperumbudur facility. We have recently entered the Mumbai market and look forward to expand our presence to other parts of India including Visakhapatnam, Mundra, Ennore (near Chennai) and Khurja.”

He added that "Customers including traders, exporters, importers and manufacturers can be benefited from the duty deferment benefit of up to...

Novire Technologies aims 40% growth 23 February 2017

Novire Technologies plans to grow by 40% this year as it bets on its upcoming app, along with cloud, big data and IoT to drive growth this year.

Being privately held, Novire does not disclose turnover or profitability but said that there is a significant market opportunity in logistics.

Uma Rajan, founder and senior partner, Novire said that “We plan to onboard 10,000 trucks in the next 6 months.”

The company has around 30,000 trucks in its database. Novire is providing an Uber-like technology which will enable a shipper to find a variety of transport choices through an automated system, an area which is dominated by middlemen or brokers.

Gati posts INR 6.5 cr net profit 13 February 2017

Gati Limited has posted a lower net profit of INR 6.49 crore for the third quarter ended December 31, 2016 against a net profit of INR 11.07 crore in the corresponding quarter on a consolidated basis.

Total income from operations for the express distribution and supply chain solutions company was up at INR 424.87 crore for the December quarter against INR 417.8 crore in the same period last year.

While the revenue was up 1.8%, the net profit was down 41% due to additional amortisation expense of INR 2.94 crore due to foreign exchange loss on restatement of FCCB. The company stated that the performance reflects the challenging external environment.

Consu...

1st Logistics Park to come up at Nagpur 13 February 2017

The first Logistics park to be set up by the Road Ministry and National Highway Authority of India (NHAI) as part of the Union Budget announcement a few days ago will come up at the home constituency of the Union Transport Minister Shri Nitin Gadkari.

Centre is drawing up a proposal to set up Warehousing zones on the outskirts of major cities through public private partnership while the NHAI has been entrusted with the task of setting up Logistics Parks announced by Finance Minister Arun Jaitley in the last budget. By setting up these parks the attempt is to bring down the Logistics costs by at least 50% so that Indian goods are competitive in global markets.

An e...

Coal India Q3 net profit dips 20% to INR 2,884 cr 13 February 2017

Coal India Limited, on Saturday, reported 20% drop in net profit to INR 2,884 crore during the October-December 2016 quarter.

This is due to INR 772 crore (10%) rise in “employee benefit expenses”, which is a provisioning done in anticipation of the upcoming wage settlement. Overall, the company provided for INR 1,400 crore on this head during the nine month period.

Coal off-take or sales grew by a mere 3.6% during the quarter. For the year so far, off-take shows a marginal 0.77% increase over the corresponding period in 2015.

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