WheelsEye to expand in Telangana
To invest Rs 25 crore and appoint 100 more people
Hyderabad: WheelsEye, a logistics technology company that works to bring trucking industry into the organised trade fold, has plans to invest about Rs 25 crore in Telangana by end of this year and also add about 100 people to its workforce here. It already has 100 people working here from 18 centres.
Its offerings include GPS devices and softwares, FASTag management, cashback on diesel purchases and lead generation to ensure that trucks do not run empty in the return direction. “We will continue to build solutions for truck fleet owners and enable them to function with higher business efficiency,” said said Sonesh Jain, founding member and entrepreneur in residence (EIR), WheelsEye.
The company, which has operations across the country, is also looking to lend small loans to truckers through its NBFC partners. The usage patterns of the FASTag will form a basis to decide on the credit worthiness of the truckers,
“We enable nearly 10 per cent of the total commercial vehicle FASTag transactions in India. Telangana and Hyderabad are two major playing grounds for WheelsEye. We have about 50,000 truck owners and 80,000 trucks associated with us from Telangana. We aim at acquiring over 1 lakh transporters here by the end of 2021,” he said.
The incidence of fleet owners and drivers accepting new technology is higher in the southern States, more so in Telangana and Hyderabad, he said. On the impact of WheelsEye technologies, he said it helped in preventing about 1,500 plus truck robberies. “We have an anti-theft device that installed in the trucks. Users can immobilse the truck using an app via the mobile phone. This will cut power transmission from the engine and it will not start. Truckers can enable it while parking for long hours,” he said.
WheelsEye also introduced a feature that automatically detects wrong toll deductions. About 25,000 truck owners have benefited from the faster refunds. “In future, the company aims at instantly filling the truck by facilitating full truckloads and cashback on diesel purchases at select fuel stations. If we can make diesel cheaper even by Re 1 a litre through the cashback, it will be a huge savings since the annual consumption of fuel will be about 18,000 litre per truck. We also want to offer a loan to truck owners and drivers at a rate of interest lower than the market,” he said.
Among others, it wants to create 5,000 entrepreneurs in the region by enabling them to become business partners of WheelsEye by end of 2021.
Jain said FASTag will transform into a digital wallet for transportation segment and will be used to pay traffic challan and parking fee, buy fuel and file GST returns along with the paying toll tax. They can also be used for obtaining vehicle location, paying compliance fee and paying loading and unloading charges.
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