FreightFox, a Pune-based B2B manufacturing logistics focused technology platform emerged as the winner of the first edition of the ULIP (Unified Logistics Interface Platform) LogiXtics Hackathon. The results were announced earlier this week by the NLDS (NICDC Logistics Data Services) in the presence of Shri Amitabh Kant, CEO Niti Aayog, Shri Amrit Lal Meena, Special Secretary Logistics, Ministry of Commerce, and other esteemed dignitaries and jury members.
The hackathon was a flagship event hosted by the Niti Aayog as part of the Govt. plan to launch the ULIP platform. This event gave a platform for teams to demonstrate their strategy, coding, data, and domain expertise at the national level and to deliver a credible solution to help achieve a reduction of national logistics costs. The goal was to solve current logistics business issues by conceiving new ideas, developing solutions/products using logistics-related data available through various government methods, and contributing to India’s Ease of Doing Business and Logistics Performance Index (LPI).
Last December, the NITI Aayog, the Atal Innovation Mission (AIM), the National Industrial Corridor Development Corporation Limited (NICDC), and National Logistics Data Services (NLDS), which is the NICDC Logistics Information and data arm, were among the stakeholders who jointly launched this event. The Logixtics hackathon received a staggering 543 entries, out of which the top 3 were selected from a series of rounds comprising of screening with the ideation phase followed by prototype development during which 22 of the top 543 entries competed for the top slot. Freightfox was declared the winner of the Hackathon after rounds of ideation and prototyping during the event organized at NITI Aayog, New Delhi on 17th May 2022.
This initiative of NITI Aayog and NICDC with the startup ecosystem is set to open doors for broader strategic collaboration to deliver data-driven logistics visibility, planning, pricing, etc. products and applications to be leveraged by MSMEs, manufacturing enterprises and other businesses to scale with the global competitiveness.
After the huge win for FreightFox, CEO Nitish Rai said, “We are honored and delighted to be at the forefront of such an esteemed event. For the competition, we identified three key issues that we wanted to demonstrate the solution for: As a manufacturer or MSME do I have the visibility of predictive freight rate trends, Do I get to see the visibility of supply-demand gaps, truck utilisation factors and corridor mobility constraints in advance to plan better and above all as a nation can we do something about active abatement of Scope3 CO2e emissions from transportation and contribute towards our COP27 commitments to the world. FreightFox leveraged the data from NICDC to deliver a credible prototype demonstrating how a predictive and responsive logistics planning can be done to make India globally competitive in the manufacturing industry.
Team FreightFox created a strong Minimum Viable Product (MVP) with their advance geospatial analytics capabilities using machine learning (ML) to derive meaningful and actionable insights. With this information, they were able to showcase their solutions to NITI Aayog and the esteemed jury panel. Their model was able to provide a credible roadmap to estimate a national-level freight index and showcase the freight rate volatilities expected in a specific market, geography and/or industry conditions. FreightFox with its prototype also demonstrated the impact of freight corridor congestion on overall truck utilisations and hence the national logistics costs.
Keeping in view the third impact, the prototype also demonstrated a clear actionable insight into possible interventions by observing the active usage of BS II, III / IV type of trucks to have a focused policy thrust to achieve quick wins.
FreightFox is an enterprise freight procurement, management, and intelligence platform providing trustworthy solutions to manufacturing industries to plan, operate and orchestrate their logistics with control, responsiveness and resilience. FreightFox is also part of the global 100+ Accelerator powered by AB InBev, Coca-Cola, Unilever and Colgate Palmolive innovating for logistics at global scale. With its partnership with Yale University, Economic Growth Center (EGC), FreightFox is set to introduce India’s first responsive freight contracts for the industry.