Read the interview with Sumit Sharma, GoBOLT
Please explain your venture to us in brief.
GoBOLT works on a Hybrid model on owned & market place Trucks. The key focus is on two pillars – Disintermediation on market place & Increased Asset Utilization both enabled through technology. The company claim to have disintermediated Market place trucks on many North-western lanes by providing two way loads or leveraging return trucks thereby increasing returns by 3~5%. The trucks run around ~ 10000 km for non-ecommerce & between 15000 - 20000 km for ecommerce businesses. The company is working in Express & non-Express FTL (Full truck space) & plans to enter part load business shortly.
When did you join the business? What have you brought to the table?
What makes this particular concept different? Are there competitors? If yes, how do you stand out?
1. GoBOLT provides Holistic Transportation solutions to clients from Design to deliver which includes - Right vehicle selection, route/delivery planning, real time tracking, reliable documentation & control and high levels of service in express movements.
2. Professional conduct and one-of-its-kind technological interventions in transportation sector has enabled us to engage with companies like Reliance, Philips, Daikin, GSK, Tupperware, Cadbury, Panasonic, Macmillan Publishing House, Pepsico/Lehar, Patanjali Ayurved, Mochiko (biggest supplier of Adidas & Reebok) and Anya Polytech, (associate company of Kribhco) et al.
3. Founders have a strong pedigree from premier technical colleges (IIT-Bombay, DCE) and business school (SPJIMR) in India, with experience in logistics industry with FMCG majors such as GSK.
4. We have empanelled ~500 transporters in North and West India, with a combined fleet size of 6000+ trucks, operational on Intra-Delhi, Within North Region lanes, North- West & North-South lanes.
What is the revenue model?
The biggest challenge was getting transporters on-board, as this is a very fragmented market with heavy broker reliance.
Technology adaptation is also tough in this industry; hence from the very beginning GoBOLT has strived for adoption of new and updated machines to gain competitive advantage.
Who are the consumers that you are targeting with the innovation? How is this going to affect them?
The company aims to reach to as many cities/town as possible was difficult to achieve but we knew it’s not impossible. Transportation industry as such has moderate margins and it becomes vital to have ‘disciplined innovative’ execution practices. The relevant work experience has provided us an exposure and right perspective on the challenges and opportunities in this particular sector.
Give us a brief background of what you were doing before starting the venture.
I began my career with Ernst & Young Pvt. Ltd. in 2008 as an associate consultant followed by JM Financials in 2015. During my tenure, I got a vast experience in management consulting, business development, business strategy, financial modeling, etc. With over 4 years of work experience with the finance industry giants, I came up with my own venture GoBOLT in September 2015.
The Company plans to expand their footprint on eastern lanes in ecommerce & non-ecommerce sectors. The expected Annualized Revenues this year is around 10-15 times than previous year, and the same we plan to expand by 5-10 times by the next year. Also, the company is planning to raise the next round of funding in the coming 6-months to fuel expansion further. By Q2 2017-18, GoBOLT plans to enter part load Business Market on some innovative operating methods. The raised funds will be predominantly used in technology (owned & market place), building team & expanding operations