Close to 5 million SME Freight businesses in the United States do not have an efficient platform to find truck providers and manage freight bookings for their recurring business requirements. In India, Europe, Middle East and other marketstoo, small and medium freight businesses face multiple challenges to manage their recurring orders efficiently. Coupled with logistical issues, business owners also encounter difficulties in simultaneous communication and monetary activities like financing and advancing. These inefficiencies subsequently result in hampering overall operations of the truck providers as well as the businesses seeking these services.
Today, these problems have led to the existence of numerous truck loading solutions e.g. load boards who are doing their bit to solve some of the major issues. But there is a catch, most of these services are functioning as independent service providers, so the customer has to juggle between platforms for different activities. On the other end, business owners rely on their network of truck providers to find trucks for their regular needs. Only when they fail within their network do they use external platforms for each of their loads. It takes at least two weeks to a few months to create a network of truckers sufficient for their business. Existing load boards help truckers and businesses to get matched only for live orders, so one ends up with a new trucker most of the time and again the cycle repeats. This leaves a lot of room for errors and disturbances in a process which should be otherwise seamless.
With his seasoned experience in the logistics business and a clear vision to unify these processes for truckers, Poorna Reddy co-founded WayFr with Abhiram Deshpande. WayFr is a mobile application that instantly enables shippers and freight brokers to create their personalized load-board (load posting platform) that they can use to receive price quotes and book trucks within their network of carriers. Brokers and shippers can additionally leverage WayFr registered carrier networks and social media groups to find trucks from outside of their own network. It provides a networking platform for SME Shippers & Freight Brokers to instantly connect, communicate and manage freight booking with truckers.
While working in Amazon’s truck bidding business and from being one of Blackbuck’s initial employees, Poorna figured out that unifying these services on a single platform along with additional facilities like financing was the key to bridge the gap between small-time truckers and SMEs. Today, WayFr successfully matches carriers and customers on a recurring basis in the US. WayFr matches people on preferences along with a communication portal, sharing of documents, proofs, payment, and updates.
WayFr, therefore, positions itself as a LinkedIn for these SMEs and trucking businesses, It is giving them a platform to communicate, share documents and proofs, make payments and stay updated with their entire freight operations. It is bringing convenience and efficiency to the existing chaos.
Small businesses use different platforms for different tools, paying upto $4000-5000 p.a., but with WayFr they end up paying only around $1000-2000 p.a. In addition to freight management, the team at WayFr is working towards making financing an extremely viable option for these businesses. At present, borrowing rates end up close to around 24% p.a. WayFr is in the plans to identify good credit worthy businesses on their portal which will be recommended for borrowing at normal bank lending rates. In terms of advances too, it is working towards helping customers to dodge high transaction fees (~2.7-4%)/ transaction by creating an in-house wallet system. Currently, the team includes 5 members inclusive of a product head, full time developers and a UI/UX personnel, all based out Hyderabad, India.
Published on: September 25, 2021