Website – LogYcode
Founder – Dr Ambrish Kumar
While multiple industries in India have evolved into the latest technical innovations, this startup we shall talk about today has come up as a blessing to the logistics industry. Founded in November 2017 by Ambrish Kumar, the LogYcode came up with a unique business idea on a cloud platform that could simplify the business process in the Logistics industry. The idea and the implementation of this startup has been so impressive that the organisation has been awarded as E-commerce Startup of the Year by Maritime and Logistics awards 2019.
LogYcode has got its customers a cloud and web-based platform letting them cost-effectively gain benefits of modern technology. It helps the importers and the exporters connect with the air freight carriers for a smooth business operation. The application is supported on both web and mobiles simplifying the traditional nature of the workflow.
The application highlights the best price available in the market and gives you an option to choose the most appropriate carrier among all. One can get instant price quotes for their cargo from various travel portals. The application not just lets you connect but it has automated features such as tracking your shipment and generation of automatic airway bills. The entire idea behind this startup is the transformation of the logistics industry using digital solutions.
The founder of LogYcode, Mr Ambrish Kumar holds an experience of 12 years in the Logistics industry including CFS, Freight Forwarding, Supply chain management, new project movements and warehousing. He has worked with numerous companies such as Eastern Cargo Carriers India Pvt. Ltd., APM Terminals India Pvt. Ltd, Forwarders Pvt Ltd, etc and is a PhD in Economics.
As mentioned above, LogYcode is an automated logistics support to the importers/exporters and the carrier companies. It benefits in terms of:
Instant quotations – One can check the air freight rates on a real-time basis with their choice of carriers.
Information of the air freight published tariffs – One can check the air carriers surcharges and published tariffs in different cities in India easily through their web and mobile app.
Airway bill preparation – The application also has an automated airway bill generation feature that lets you grab a draft bill with your booking details via the portal.
Track your shipment on a real-time basis – The application lets its customer track their shipment easily through their mobile phones. You get live status all the time till the shipment has reached its destination.
Online chats – The platform has strong customer support that stays with you connected to sort all your queries and help you enjoy a smooth service.
The next big step by LogYcode
While LogYcode is already seen doing well with the Airway freight business, they are soon to launch their ocean freight widening their services. The startup also has plans to grow in terms of new supply chain services including warehousing, transportation, customs and brokerage. Therefore, they do not simply look forward to an innovative digital integration but also aim to develop a simplified supply chain solution for the companies.
What made you strike this business idea? What inspired you to start this company?
Ambrish – Along with a perceptive inclination towards technology, artificial intelligence and human development, the impetus to establish LogYcode is attributed to three major factors. Primarily, the increasing logistics and supply chain cost compels for integration and digitalization of the processes offering single window solutions. Another major aspect is attributed to the improving Government policies and initiatives to bolster the logistics industry and multiply global trade opportunities and investments. The e-commerce industry is overhauling the conventional logistics industry. It offers absolute customer experience like effortless booking of consignments, smooth transaction gateways, transparent tracking, accurate delivery predictions. The enormous logistics industry is yet to adapt to the technological advancement and the need of the hour. Hence, to stay abreast, it is high time for progressive innovation and play your role in the best you can do for the fraternity.
When did you start your business?
Ambrish – The need of the hour in the logistics sector, that is digitization, was felt throughout and the idea to bring about a change was coined in November 2017. Soon after a team was formed, and development started in December 2017. The company was incorporated in March 2018.
What does success mean to your company?
Ambrish – When we think about the fact that about 18 months before, the stakeholders of the freight forwarding and logistics sector in India would not have thought that the whole process can be on your fingertips using technology. The success factor comes when we feel that a workflow which was extensively manually driven with scattered gateways, heavy paper-works, queues, waiting, could be condensed to a mobile phone just within a matter of 18 months. Success is to think ahead and when the planned execution brings out more than expected output.
How are you performing currently?
Ambrish – The recognition and acceptance of LogYcode as a unique revolutionary innovation by the customers just within a span of 8-10 months itself is the biggest achievement. While our control tower happens to be in Delhi NCR, though we have our counterparts across India. As the LogYcode platform creates an e-marketplace where the logistics service seeker from any part of the world can access it anytime from any device connected to internet.
Since the launch of LogYcode, close to 11000 tons of air cargo transaction in 2018-19 and almost 17500 tons in 2019-20 was carried out through the LogYcode portal for our major client. Just within a span on 8 months of launch, we had 964 users of the portal on-board in India and some end users overseas. As on date, LogYcode portal is being used by close to 1600 registered users.
In the last 6 months, the total impressions on LogYcode website has been close to 24000 and increasing of late at a very good pace.
We plan to expand to outside India on a large scale in the coming couple of years as we understand that there is a sheer requirement of digitization of the logistics sector globally which is still not at par with the other industries. We plan to create a huge network in the supply chain integrating all stakeholders for smooth movement of trade.
Also we are working on Machine learning, AI, IoT to ensure stark visibility and transparency in the movement of goods much needed for achieving high standards of service levels with minimal risk involved.
We are now a proud member of IAMAI, NASSCOM, #startupindia, NAP (Neutral Air Partner) working towards the growth of digital economy.
In August 2019, LogYcode was recognized and awarded as the “E-Commerce Start-up of the Year 2019” at the 10th All India Maritime and Logistics Awards 2019 (MALA 2019).
LogYcode also received the award for the “Best online freight marketplace” award at the India Cargo Awards 2019, held in January 2020.
What is the biggest risk to your company?
Ambrish – From the inception till now we have managed to stay abreast with the expectations of the users and the market. The forecast and planning has remained true to the demands and thereby managed to keep the competition behind. Currently, we do not see any major risks for the company. We look forward to a strong initiative by the government in digitizing the logistics sector which will help the cause we are looking forward to.
What are your plans on funding?
Ambrish – Since the launch, development, and inception, everything has been on a boot-strap model. Though funding has been through friends and family, we have managed to come a long way without any major investment. We look forward to first capitalizing on the target market with our planned revenue model and which will draw investors as well.
What is the biggest challenge you faced during your start-up setup?
Ambrish – The Logistics industry still inadequately strives on an orthodox approach of working, whereas the closest counterparts, the passenger air travel industry, is now majorly based on e-booking platforms and smooth paperless transactions. The customers are accustomed to using e-mails and phones calls for enquiries and paper-based transactions that spurs an initial reluctance to a technological transformation or any kind of change. Nevertheless, we have received an over-whelming penetration and recognition amongst our customers after the implementation endeavours. We have largely carried out training and demonstrations to our customers on a pan-India basis. The customers understand the dire need of automation of processes, accuracy, transparency, visibility thereby reducing turnaround time and following best practices. The sheer conception of saving time, cost and manpower and rather using these elements for more productive endeavours is accepted by the customers phenomenally.
What does growth mean to you and your business?
Ambrish – The accomplishment of your short term targets successfully before time to achieve the epitome of your larger vision, reciprocated by widespread acceptance of your concept is growth for us.
How does your product stand different from others in the market?
Ambrish – LogYcode provides an outright digital and integrated experience of the whole freight forwarding process as an alternative to the scattered transaction gateways that a freight forwarder usually goes through. Our experience states that cost efficiency is directly proportional to the digital integration of processes, which leads to lesser head costs, visibility of the most competitive pricing options, disentangled paperless documentation, archiving of data in e-clouds, reduction in turnaround time, and so on. By syncing all real-time air cargo data into one cloud platform, the customers ought to get what they want: speedy and reliable deliveries, exceptional transparency, and an overall hassle-free logistics experience.
Furthermore, LogYcode is an online software with multiple user access and does not require any installation or troubleshoot hassles. The customers are given the convenience of both web and Mobile App versions which are synced and equipped with all features. LogYcode offers the only Mobile App service in India offering unique features like real time Air Freight live rate comparisons, booking of cargo through App, preparation and management of Airwaybills which is a one of a kind experience that a freight forwarding professional could not have imagined even till a few months back.
LogYcode aimed at niche market which is the air freight. While there are multiple online platforms like Cogoport, Freightbro, Shipsy, Far-eye who offer an e-marketplace and rate query platform for ocean freight, other start-ups like Blackbuck, Rivigo, Delhivery who are leading the road transport fray, first and last mile connectivity, however, there is no organization or start-up who has focused in Air freight. The reason is that air freight is very dynamic and fluctuating in terms of pricing and has a sophisticated rate structure. While there is no direct competition, Freightos Web Cargo is a query management and pricing platform. However, even Freightos does not integrate the various logistics processes and stakeholders. LogYcode in addition to providing query management, pricing, freight tariff reference, online booking, also facilitates automated freight documentation, e-dockets for storage and transmission of data, live end to end tracking, automated invoicing. It has addressed all the aspects of the freight forwarding cycle with a perspective of integrating the loose ends.
Where are your start-up services spread?
Ambrish – As the LogYcode portal can be used from anywhere and any device connected to the internet, the portal is already being used by more than 1600 users across India and even globally for checking freight quotes, booking shipments and tracking. We are also working on integration through technology with various global logistics companies and even freight carriers so that logistics service becomes as easy as planning your air travel using web and mobile applications.
What does it feel to be the founder of your start-up? How does it feel getting up every morning and getting on to work?
Ambrish – Every day is special and something new is ventured into as development never stops. We keep learning followed by immediate implementation understanding the needs of the end consumer. An enthusiastic and aligned team with visionary peers leads the
Where do you see your business standing in the next 5 years?
Ambrish – The Logistics industry is dynamically evolving as the fastest growing industry globally. Indian logistics sector is currently at a worth of $160 billion which is expected to reach $250 billion in the next 5 years at CAGR of 10.5%. Global market size of the logistics industry is $ 4730 billion.
The Logistics industry is growing at a rapid pace and digitalization and automation are at its threshold with huge way to go. Nevertheless, the digital transformation will supervene very vigorously causing disruption and revolution. Embodiment of Machine Learning, Artificial Intelligence, Predictive and prescriptive analytics, robotics, augmented reality, Internet of Things (Iot), Drones, Air-ships, Hyperloops is the future of logistics and supply chain industry. We can see blockchain technology coming into existence providing utmost transparency and visibility of any cargo.
We are preparing ourselves for the above revolution. We have already embraced machine learning, AI and data analytics to assess performance information, customer or vendor behavior data, market intelligence, contemporary and social background to make predictions and near precise anticipations on the likelihood and contemplation of future events.
We are already expanding LogYcode’s horizon into the much bigger Ocean Freight which will be launching soon. The development of other significant territories in the supply chain such as Warehousing, Customs Brokerage, Transportation have also started simultaneously and we intend to target digital integration of not just the processes, but the whole multi-modal supply chain and logistics. The idea is to use technology for integrating Air, Sea, Road, Rail, Customs, Airports, Sea ports, and so on
We are focusing not just the Indian market but the overseas customers as well. We plan to work towards a most needed blockchain technology with utter transparency, visibility and accuracy. Our Goal is to digitize the logistics industry and furnish abridged and simplified processes to our customers across India and globally. We are working on creating new products, reaching out to existing customers and showcasing the value of our products, identifying new local and global marketplaces. We are working towards sustaining the technological advancement with utter transparency, visibility and accuracy.
Who will support you to stand this business and how? Please share this things in brief.
Ambrish – The team and peers of LogYcode are the stalwarts who will stand by the business. LogYcode consists of a team of personnel with phenomenal experience and background in logistics, freight forwarding, airlines, shipping lines, terminal handling and IT. Also has a skilled team of software developers, Android and iOS developers, UI/UX designers, a team of graphic designers and digital marketing. This amalgamation helps an in-house solution or out of the box trouble shooting and subject matter expertise with a seamless and smooth user experience addressing even the grass-root level pain points.