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Truckola enables truckers to beat demonetisation blues by adopting fastags and diesel cards

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At a time when many cargo transport companies
have been facing issues due to a shortage of cash, Truckola, an
asset-free, full-solution, tech-enabled interstate FTL transportation
service provider, has been achieving healthy business growth. The
platform has posted a 23% month-on-month revenue growth in December
2016, thanks in large part to the post-demonetisation adoption of
cashless transaction tools such as FASTags and diesel cards. Cashless
toll payments accounted for more than 98% of all transactions conducted
through Truckola in December, as opposed to the pre-demonetisation
average of 21%.

More noteworthy, however, is the benefit that this adoption has brought
to truckers associated with Truckola. With 10% cashback on FASTags
transactions and more than 1% cashback on diesel card payments currently
being offered by the government and the fuel companies, Truckola's
move to go cash-free has enabled massive savings on capital expenses for
truck owners associated with its platform. 

RAGHAV HIMATSINGKA, FOUNDER & CEO, TRUCKOLA, said, "Toll taxes and
fuel costs are two of the biggest expenses for truck owners; toll
charges alone account for 15-20% of the overall direct running costs.
Cashback offered on the use of FASTags and diesel cards gives truckers
associated with our platform an opportunity to significantly cut down on
their overall costs and make decent savings on their operational
expenses. This financial incentive is the reason why almost 92% vehicles
on Truckola now use diesel cards and 60-65% of our vendors have moved
onto FASTags for toll payments." 

But financial incentives are not the only factor behind Truckola's
adoption of cashless payments mechanisms for transport operations. As
FASTags operate on radio frequency identification (RFID) technology and
automatically debit the toll amount from prepaid bank accounts linked to
them, fleet owners have greater transparency over toll payments made for
their trucks and can avoid the unnecessary hassle of keeping track of
toll receipts from every vehicle. The vehicle idling times are also
drastically reduced, which in turn gives the overall cargo movement a
big boost. Moreover, as drivers don't have to carry large amounts of
cash on them, the physical risk to their person due to robbery is also
reduced. 

"Truckola was established with the vision of leveraging technology to
make transparent, swift, and hassle-free cargo transportation a tangible
reality for all stakeholders. Adopting these cashless payments
mechanisms has allowed us to enhance the operational convenience for
truckers on our platform. Our focus on tech is the reason why we have
been able to protect vehicle owners on our platform from the
side-effects of demonetization, and have registered substantial revenue
growth despite the current instability in the Indian economy," adds
RAGHAV. 

With nearly 50,000 trucks listed on its platform, Truckola uses
proprietary technology to deliver transparency, reliability, and cost
efficiency for all transportation requirements of its clients, who are
mainly manufacturers and traders. The company operates out of 15
locations across India with a partner network in an additional 40+
region in the country. 

 

Sustainable Transport | News published on 24 / 01 / 2017 by Rashmi Nargundkar

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