India is now the 5th largest economy in the world, contributing to ~3.3% of the Global GDP. With sustained economic growth, the country’s goods trade crossed the $1 trillion mark for the first time in 2022, with exports and imports contributing approximately $450 billion and $720 billion respectively. Pre-COVID-19, India’s manufacturing exports only grew between 5% to 10%, but recently exports have seen faster expansion. Despite this recent growth spurt, India’s export contribution to global trade still only stood at ~2.2%.
India’s share of global trade is expected to change significantly in the coming decade on the back of multiple tailwinds, led by the geo-political environment, leading to rapid supply chain diversification and a China+1 strategy for most corporations. India is increasingly integrating tighter with the global economy, which can be seen with a rise in free trade agreements it is executing, including the most recent ones with Australia and UAE. The government has also set an ambitious target for India to achieve goods exports worth $1 trillion by 2030 and this is expected to propel the growth in the Indian freight forwarding industry.
However, the Indian freight forwarding market is highly fragmented with over 10,000 players and the top five companies only having ~2% market share. The market is also dominated by traditional freight forwarders with low-tech adoption and a nascent digital footprint. Problems are further compounded by multiple stakeholders, regulatory complexities, manual processes, etc, which can lead to errors, delays, and inefficiencies, which ultimately mean higher logistics costs for Indian exporters, making them globally non-competitive.
Intoglo is working towards helping Indian exporters compete globally by building an end-to-end cross-border logistics platform. The platform aims to deliver the easiest, fastest and most reliable service to customers by bring down their logistics costs and reducing TATs.
The company aims to become the single point of contact for its customers and help exporters and importers with three key value propositions around ease of use, speed of service and reliability of service delivery. The solution will be built on top of an extensive technology stack to solve for multiple existing pain points, while working with multiple partners across the value chain. For example, to deliver ease of use for its customers, Intoglo will provide the customer with transparent invoicing using a automated quotation and invoicing module, end-to-end visibility of shipment via a tracking dashboard, and clear documentation using its tech product.
Founded by a highly experienced team of 4 founders that have built and scaled startups successfully before. We are very excited to partner with Ankur, Bharani, Sufal and Migank, who have known each other for some time and are set to change the way India exports goods!
