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FR8 believes that a hard working truck owner should be able to run his business smoothly and pay back loans taken on his truck. Currently they are dependent on local brokers to get loads for their trucks, to avail advance for running the truck and to collect balance payment for paying their trucks’ EMI (monthly loan amount). In this process, they end up working with 10+ brokers across the country to increase their trucks’ loadability. 80% brokers are unreliable with price and payments. They charge as high as 20% price difference between transporter and truck owner where one of the truck owner/transporter is not aware of ongoing rates. Unreliable brokers also tend to delay/default balance payments.
What 2 million truck owners want is a nation-wide platform which is reliable in terms of price and payments. Such a platform has to have significant scale with 2 million truck owners in it. It has to be automated and data driven to be efficient. This is what FR8 is and this is what we are building.
With this belief we take challenges head-on, explore new opportunities and rewrite the rules of the transportation industry.