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For any business that involves the transportation of goods, managing its fleet of vehicles is a major task. From accidents, and inefficient driving to theft, the risks involved in transportation are many. Though businesses understood this very well, they were not technically strong enough to manage their fleet until the invention of GPS. While some big corporates employed electronically processed management mechanisms for their fleets, things were not as simple and accessible as today. Post the development of GPS technology, fleet management started becoming easier, with the addition of new and innovative functionalities.
Fast Forward to today Fleet Management is a full-proof system that tracks everything from the real-time location of your vehicle; fuel, mileage, and maintenance-related data of your vehicle; the driving behavior of the driver, and so on.
Fleet Management Companies has come up with innovative features and services that have made fleet management easier than ever before. In this article let's introduce you to one such homegrown Fleet management company that is all set to make a mark Globally by offering a plethora of services that simplifies fleet management for businesses in 30+ countries across the globe. Here is the success story of Gurugram-based, LocoNav.
LocoNav - Company Highlights
- Company Name-LocoNav
- Sector-SaaS & Fleet Management
- Founders-Shridhar Gupta & Vidit Jain
LocoNav claims to be one of the world's fastest-growing fleet-tech companies and offer a 360-degree fleet management solution. LocoNav's fleet management software lets businesses manage all their fleet-related tasks from a single platform. With LocoNav, users can easily monitor their vehicles and rest assured that the vehicles are protected and are efficient on road. Here are some of the interesting features of the LocoNav software -
Fleet Lock. This feature lets users control the vehicle lock from LocoNav's Vehicle Tracking app and ensure that the vehicles do not start without the consent of the owner.
Live alerts on overspeeding, idle time, service & maintenance needs of the vehicle.
Fleet Maintainance becomes easy with Loconav's reports on the mileage and overall health of the vehicles.
Monitor the real-time location of the vehicles.
User-friendly video telematics solutions that let users view real-time video footage of the vehicles on road and thus keep track of the driver and guide him if required. The camera installed on the vehicles' dashboard comes with active sensors that save vehicles from possible collisions.
LocoNav also offers FASTag services in India. The 'Vahan Jankari' option available in the Loconav app allows fleet owners and operators to check all required details about the vehicles like registration details, e-challan details, etc which ensures that the documents related to the vehicle are all updated, and the vehicles do not get stopped by authorities. Loconav's AIS 140 Certified GPS Trackers services can be used for tracking cars, buses, trucks, and school buses.
LocoNav has a very easy-to-use interface, and the platform is available in English, Indian regional languages like Hindi, Punjabi, etc, and other international languages like Arabic, Spanish, Thai, and Bahasa.
LocoNav - Founders & CEO
Shridhar Gupta & Vidit Jain founded LocoNav in 2015.
Shridhar is the co-founder of LocoNav. He began his career as a Brand Management Intern at ITC Limited. Shridhar Gupta also co-founded health care startups viz. DNG Enterprises and Fitho wellness. Fitho wellness got acquired by Practo in 2015. Before co-founding Loconav, Shridhar was the head of the Partnerships & Sales department at ClearTax. He is a BBA in Marketing from Jadavpur University. Shridhar completed his schooling at St James School, Kolkata, West Bengal, India.
Vidit Jain is the co-founder of LocoNav. Before co-founding LocoNav, he was the Lead Engineer at ClearTax. Vidit Jain worked at Vinsol as a Software Developer and began his career at GREEN ADD+ as a Research Fellow. Vidit was also the Founding engineer of the automated marketing platform Bizzy.io.He pursued his B.Tech degree from Guru Gobind Singh Indraprastha University and completed his schooling at Lancer's Convent.
In September 2021 Samit Shrivastav was appointed the CEO (SaaS Global & Chief Business Officer) of LocoNav. Samit has years of experience managing businesses of established brands like Perfetti Van Melle, HealthKart, Jubliant Life Sciences Ltd., and Jubilant FoodWorks Ltd.
LocoNav - Startup Story
It was in 2015 when Vidit and Shridhar were working at Cleartax, that they stumbled upon a startup idea, which lead to the launch of BabaTrucks in 2016. BabaTrucks was an online marketplace that connected truck and fleet owners to customers. Vidit and Shrihar started to realize that fleet management was a big issue for the vehicle owners, and fleet management services can be of great help for them. Thus, BabaTrucks pivoted to become a fleet management company, LocoNav. The platform BabaTrucks is still operational as a website where users can find news and reviews about trucks, and get tyres, engines, GPS devices, Fastags, auto loans, and insurance just with a click.
LocoNav - Tagline & Logo
LocoNav's website displays the following slogan - "Fleets Move Our World. We Help Them Move Safely and Efficiently"
LocoNav - Mission & Vision
LocoNav is on a mission to democratize access to fleet technology for every commercial vehicle in the emerging world. The company is working to eliminate the roadblocks of the commercial vehicle industry and is in the process of developing new products and services suite to do so.
LocoNav - Business Model & Revenue Model
LocoNav services can be availed both for personal and commercial vehicles. The company offers fleet management services to big and small businesses and the charges for the services vary based on fleet size and customer requirements. As per the website, the charges are levied on an annual basis. Loconav has clients across industries like Transportation & Logistics, Food & Beverage, Healthcare, Oil & Gas, Construction, Passenger, and transit.
LocoNav - Competitors
Some of the top competitors of LocoNav are Fleetio, Samsara, and Trimble.
Fleetio is one of the top competitors of LocoNav. This company is headquartered in Birmingham, Alabama, and was launched in 2012.
Headquartered in San Francisco, CA, USA, Samsara was founded in 2015. Besides fleet management, Samsara also helps businesses manage their equipment, site, and more using technologies like IoT and AI.
Trible Transport & Logistics
This company is headquartered at Lepers, West Flanders (Belgium), and was founded in 1985. Trimble helps users keep track of fleet, besides field service management and construction logistics tracking.
LocoNav - Growth & Future Plans
Growth-wise, LocoNav has achieved much. As per the company's website, the company has served 30+ countries and has served over 5 Million vehicles. The company boasts of over 90k happy customers.
In terms of revenueLocoNav's operational revenue (revenue from the sale of goods and services) for the fiscal year, 2017-18 stands at INR 2.29 Cr. In FY 2016-2017, the company reported INR 1.21 Cr in operational revenue.
LocoNav's revenue has also been impacted by Covid. Revenue for the Calendar Year 2020 stood at USD 2.84M down from 5.04M in the Calendar Year 2019.
One of the major achievements of the company is that it was EBITDA positive even during the time of the pandemic.
The company wants to connect to its existing and potential customers via multiple touchpoints spread across the areas where LocoNav is offering its services. In India Loconav's post-sales touchpoint and network are available to all pincodes across the country. The company wants to have more touchpoints in other countries of operation as well.
LocoNav is looking forward to establishing itself as a leading player in the developing market.
"We aim to bring a radical change in emerging markets where no more than 30 percent of the 250million commercial vehicles use any form of fleet management tech. This is because the end customer perceives using fleet technology as an additional cost rather than a driver of business growth. To build a democratized and accessible fleet-tech brand in these markets our first step is to understand market-specific challenges and motivations to build an awareness campaign." said founders Shridhar and Vidit in an interview emphasizing on the company's plans.
LocoNav - FAQS
What LocoNav do?
LocoNav offers fleet management solutions that help users keep track of everything from the health status of their vehicles to the live location, how the vehicle is being driven, and much more. All in all LocoNav makes fleet management a smooth and stress-free affair.
When was LocoNav founded?
LocoNav was founded in 2015 by Vidit Jain and Shridhar Gupta.
How LocoNav makes money?
LocoNav has many fleet owners as clients. The charges vary from client to client based on their requirements and fleet size.