There is a variety of factors that influences a product's cost because it goes through many channels before it reaches the end-consumer. Around 10 percent of the product cost is actually incurred in physically getting it to the consumer. Unless a business can control the oil prices, there's not really much that they can do. DreamOrbit, with its retail and e-commerce solutions from supply chain management to reverse logistics management software, aims to help companies control that cost with IoT technology.
Telling us more about the startup, Sanchit Jain, CEO and co-founder of DreamOrbit says that they help reduce the transportation cost significantly, which goes directly to the bottom line of their clients. The product also reaches its destination much faster and without damage. "With the growth of the e-commerce industry and IoT (Internet of Things) technology, logistics solutions become increasingly significant. Today, a good logistics company is a technology company, that also moves freight," explains Jain.
DreamOrbit operates with a team of around 275 people and offers specialised end-to-end solutions to their customers which mainly consist of trucking companies, domestic and internation third-party logistics companies, and hyperlocal and last-mile delivery businesses. The company heavily relies on Internet of Things and is investing into it. "We are building IoT based solutions for route and fuel optimisation, temperature sensitive shipments, real-time tracking and geofencing and carbon footprint management. For instance, we helped a trucking company reduce carbon emission significantly, geo-fence its truck for speedy delivery of goods and improve road safety. We could do this using IoT based technology," says Jain.
Talking about the financial aspect of the startup, Jain shares that they bootstrapped six years back and grew the company with profit accruals up till now. Presently they are looking for about $4-5 million. While most of their clients are in the US currently, they plan to expand their business in UK, Scandinavia, Australia, New Zealand and India. Jain adds that they plan to use 20-30 percent of finances in growing their existing IoT based technology solutions and the rest in expanding to the new geographies. They are also aiming to double their team in two years.
Talking about the USP of DreamOrbit, Jain shares that they build solutions for all modes of transport - surface, air and ocean. "Our solutions can ship all categories of shipments – documents and small parcel, less than truckload, full truckload and volume shipments. We build technology that can ship International, National, hyper-local and last mile. Our 70 Enterprise clients across the globe love us because we design human-centric applications that are platform-independent, IoT, mobile and cloud enabled," he adds. DreamOrbit is planning to widen its reach by creating plug and play API based solutions which can be used easily by their customers. Jain shares that it'll be as simple as a buying hardware and plugging it into their cloud-based adapters, and the solution can be up and running in a week.
IoT is a tech trend that is currently being discussed by companies of all sizes, across vertical, for all sorts of applications. Sharing his thoughts on it Jain signs off saying, "Transportation and logistics CEOs are clear about the disruptive impact of IoT and related technologies in reshaping their industry landscape. They’re focusing on adopting digital technologies to create value in new ways and developing diverse and dynamic partnerships. The declining costs of sensors and RFID devices, need for constant connectivity and access to advanced network connection and growing use of smart phones and cloud based services will boost the use of IoT in logistics."
Jain, an IIT-Roorkee graduate, has previously worked with Tata Consultancy Services and Aditi Technologies. DreamOrbit was co-founded by Abhishek Porwal, an IIT-Delhi alumnus, who has been associated with Infosys and Aditi Technologies previously. Before founding this company, the duo started and sold CircleSource Software, a healthcare-focused technology firm.
Published Date: May 05, 2016 13:40 PM | Updated Date: May 05, 2016 13:40 PM