India spends 13% of its GDP on the logistics sector, which is the highest in the world. Developed economies such as the USA and Germany use 6-7% of their GDP. The scope of improvement is immense and that’s where TrackoBit taps into.
They ended the year 2021 on a high note by setting up a corporate office in Dubai in December last year.
After building a stronghold in the Indian market, TrackoBit navigates through the African and the GCC region at 3x speed. Even the Indian market leaders in the GPS Tracking Software domain failed to leave their mark in the Gulf countries. TrackoBit, however, carved a league of its own in the region.
With its advanced and futuristic Telematics solutions, TrackoBit delivers solutions beyond GPS Tracking. Their Fleet Management Software offers on-point vehicle diagnostics to driver monitoring, performance reports, and real-time trip updates to name a few.
India has hit a massive wave of start-ups in the last couple of decades. TrackoBit transforms traditional approaches and optimises operations, pace, and bottom line of the logistics industry.
Nitesh Goel and Pulkit Jain were roommates during the early days of their careers. They conceptualised TrackoBit in their bachelor pad in Noida. They gauged the potential of automation and AI in the sector very early and started building on their idea.
Commenting on initial challenges Nitesh said, “When we decided to take our idea seriously, I left my job to work full time towards it. Pulkit used to work 9 hours at Samsung and later join me from 6 pm till 12 am. It was important for one of us to work to provide for both families”.
TrackoBit solved logistical, operational, and analytical problems for TCI, JSW, Amazon, Maruti, Bonn Breads, and other giants. They are the pioneers in devising Agriculture Fleet Management software that solves the biggest challenge in modern-day farming i.e. automatic farm area calculation.
According to Pulkit, “Artificial Intelligence and Automation are the future of the industrial sector. 80% of the manual tasks will be automated in the coming years. In the logistics and supply sector alone, the scope for AI is expected to grow to USD 10 Billion.”
The market size of the transport and the logistics sector is projected to grow from $1.21 billion in 2017 to $10.30 billion by 2030. The role of Artificial Intelligence in the sector is expected to grow at a CAGR of 17.8% between the said period.
According to the reports by Gartner on Transportation Management Software (TMS), the global market is expected to grow from $1.32 billion to $2.11 billion (from 2019 through 2024). This is a growth of 60% over a five-year period.
Commenting on future plans, Pulkit stated “We plan to introduce eight new modules in the coming year including DMS-ADAS. NB-IoT has been a long-standing dream that we are working on. We have clients in 15 countries and we plan to expand to at least five other countries this year. We will achieve all this without compromising on our quality, user experience, and innovation.”