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LogYcode aims at being a leading neutral e-platform, software & information provider for the logistics industry

 

LogYcode, an NCR based e-commerce start-up, has a team with deep domain experience, global proficiency, strong technological background and years of aviation and logistics business expertise, making an amalgamation of the right elements for targeting the sizeable global logistics market.

 

Incorporated in March 2018 with Dr Ambrish Kumar, Managing Director, at the helm, LogYcode began its operations in November 2018. LogYcode plans to be the largest neutral e-platform, software and information provider for the logistics industry. The idea is to create an e-marketplace where customers can shop and ship easily and grow their business efficiently. With its team, that comprises personnel with phenomenal experience and background in logistics, freight forwarding, airlines, shipping lines, terminal handling and IT, LogYcode plans to change the traditional and superseded way customers must still outstretch for their logistics needs. One of the key visions of the organisation is to create a platform or a marketplace which provides air freight purchasing industry with real-time instant rates for their buyers.

 

LogYcode is an online platform which uses leading-edge technology to make the most cost-effective match between exporters/importers on one hand and air freight carriers on the other. It enables price comparison between the preferred carriers based on the customers’ choice of input and, further, can place the bookings with the carrier selected. Also, customers can submit Airwaybills online through EDI and track their shipments end-to-end. In the aviation and air freight arena, LogYcode has the benefit of the huge untapped market of international logistics and empowering customers with information at their fingertips.

 

Digitisation is the need of the hour in the air freight industry. Globally, air freight is the fastest channel by which long distance and cross-border trade takes place. However, the industry far lags in terms of technological advancement and digitisation. In comparison, the closest counterparts, the passenger air travel industry, is now majorly based on e-booking platforms, transparent option comparisons and smooth paperless transaction experience.The operational processes to transport air cargo still involve paper-based transactions, lack of transparency, visibility, accuracy and data integration.

 

As observed in the joint study by Assocham and Auctus Advisors, "The Indian cargo industry needs to grow at a rate of about 12.9 per cent every year from 2018 to 2027 to achieve National Civil Aviation Policy (NCAP 2016) vision of reaching cargo volumes of 10 million tonnes (MT) by 2027". As per Airports Authority of India (AAI) figures, air freight handled at Indian airports grew more than 20 times from 0.08 million tonnes in 1972-73 to 2.5 million tonnes in 2014-15, the compounded annual growth rate (CAGR) being 8.8 per cent between 2013-14 to 2016-17.

 

Besides, the Indian government’s Economic Survey 2017-18 has revealed that the country’s logistics industry, which is worth around $ 160 billion, is likely to touch $ 215 billion in the next two years with the implementation of GST, growing at a CAGR of 10.5 per cent. GST, having replaced 7 indirect tax heads, has negated the requirement of warehouse hubs across states, thereby enabling turnaround time of goods carriers by reducing waiting time at check posts, which has subsequently increased productivity and lowered logistics costs in the supply chain. The government has also created a new division in the Commerce Ministry for ensuring development and best practices in the logistics industry in another major leap. A major aim is to bring down India’s logistics cost from a whopping 14 per cent to below 10 per cent, at par with that of the advanced nations.

 

Also, e-commerce giants like Amazon and Alibaba are bringing in revolutionary changes to accomplish fastest end-to-end logistics services like freighter services, e-freight brokerage, drones, air-ships, hyperloops, etc. that are making traditional air freight practices obsolete.

 

In order to align with the targeted growth rate of 12.9 per cent, to bring down India’s logistics costs to below 10 per cent, GST has played a vital role on one hand. On the other, there is a dire need of digitisation of air freight pre-requisites and processes to promptly serve the B2B and B2C requirements, thereby paving the way for multiplying trade opportunities.

 

In the coming months, LogYcode’s venture into automation and digitisation of the logistics industry aims at unfurling a gamut of services in Ocean Logistics, Warehousing and Transportation. It plans to provide a logistics marketplace rendering a one-stop solution for all 3PL prerequisites, emphasised a release.  

 

Source : Exim News Service - New Delhi, June 17

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