This Bengaluru based transportation, logistics, and storage startup is a single window platform offering convenience and choice to consumers as well as an end-to-end fully integrated courier aggregator platform offered as a SaaS model.
Everyone on the planet at one point becomes a customer of the logistics sector. A consumer who sends a package to a loved one, a business that delivers a package to customers, a student who needs college marksheets sent, the list is endless.
This is why when COVID-19 hit, this became one of the worst hit sectors, delivering the realisation that finding the right service provider each time is important, considering factors like cost, safety, speed, and reliability.
Coreyo, a transportation, logistics, and storage startup, claims to be a single-window solution to every single courier and cargo requirement. It connects the customer to the world’s best courier service providers, streamlines details, freeing the customer to explore the possibilities of a world without distance.
The platform collects and sorts info such as services, pricing, delivery times, so that the customer can compare and courier in a click. Not to mention doorstep pickups, insurance options and next-gen tracking services for every package.
The Tech Panda spoke to Vince M Jose, the Co-founder and & Director of Coreyo, about their startup’s journey in the challenging logistics sector. He that the Indian logistics industry faces a number of challenges, which includes a lack of doorstep service and high prices for low-end customer segments.
Our consumer promise, the simplest way to courier, with the best partners, at the best rates. Our partner promise, reach more consumers and grow with ease
“The hyper-local market has become very volatile. Dark stores, retail outlet or distribution centres that cater exclusively for online shopping, are pampering customers with unviable service options,” he reveals.
“Dependency on the B2B business for greater volume at low prices is taking a hit on the bottom line. Cost escalation in fuel, labour, and other overheads are eating into margins,” he adds.
These challenges have given rise to several pain points for consumers, SMEs, and courier service providers, which Coreyo is trying to solve.
Pain Points from POV of Consumers, SMEs, & Courier Service Providers
Jose explains the problems in the logistics sector from the viewpoint of a consumer, an SME, as well as a courier service provider.
“Sending a courier is unorganised for both consumers and small businesses in a scattered marketplace with many players. Consumers have limited or no options for choosing a service provider or pricing, depending on urgency and importance,” he says.
He adds that consumers are also inconvenienced with tracking and customer support, while SMEs have limited courier options due to price and volume.
Customers are forced to use one courier service for all categories of consignments, from routine shipping to urgent. Franchises are often subscribed to one service provider, limiting their revenue stream
“Customers are forced to use one courier service for all categories of consignments, from routine shipping to urgent. Franchises are often subscribed to one service provider, limiting their revenue stream,” he explains.
He goes on to list the limitations a courier service provider has, such as primary dependency on high-value transactions.
“Consumer demographics are too scattered to build experiences. Expansion into new markets is too expensive,” he says.
There is also a lack of industry-specific aggregators to help innovate and scale as well as the lack of a central consumer database to create effective marketing campaigns. Often, they also face the inability to leverage existing ratings to reach new consumer pockets.
“A courier service provider alone is unable to solve the C2C, B2B consumer pain points and meet the market demands,” he says.
What They Do
Coreyo claims to be easier for consumers and better for businesses. Its single window discovery platform offers convenience and choice to consumers to select service providers online with instant enablement.
“With a single platform bringing together all services in one place, we make it easy for people to send, receive and share things,” says Jose.
With a single platform bringing together all services in one place, we make it easy for people to send, receive and share things
“Consumers have an offline choice to hand over to neighbourhood Coreyo reseller outlets. Coreyo resellers provide greater flexibility for pickup and drop of couriers for nuclear working families,” he adds.
The startup also has an end-to-end fully integrated courier aggregator platform offered as a SaaS model.
“Our consumer promise, the simplest way to courier, with the best partners, at the best rates. Our partner promise, reach more consumers and grow with ease,” he says with pride.
Origin & Inspiration
Jose has 30+ years of experience in the logistics industry and has a strong understanding of the processes across the logistics value chain. During his career he has been instrumental in solving problems and introducing the solutions to the Indian courier ecosystem.
His journey started in the late 80’s as one of the founding team members of the First Flight Couriers Ltd. He grew with the company and rose to become General Manager before he joined as Director of Plus Business Machines.
The traditional industry was yet to undergo consumer-centric innovations as technology had not made the process of finding, comparing or choosing a courier service easier, faster or less expensive for consumers
Before introducing Coreyo to the ecosystem, he had a second innings with First Flight Couriers, he joined First Flight and led the team as Vice President of the company.
“People in my circle always used to reach out to me knowing my long association with the industry for advice and choice of courier services. This has always made me think that the traditional industry was yet to undergo consumer-centric innovations as technology had not made the process of finding, comparing or choosing a courier service easier, faster or less expensive for consumers. This has led to its ideation and took a resolve to move on persistently,” says Jose.
The Coreyo USP
The startup’s USP in an ecosystem full of choices is a simple and easy UI for price discovery and comparison as well as real-time tracking and optional insurance facilities.
“A single window platform offering convenience and choice to consumers is quite distinct,” says Jose.
“The product fit consists of standard, priority and critical serves every need of the consumers. Coreyo is the first company to bring speed post services to the doorstep of users,” he adds.
A single window platform offering convenience and choice to consumers is quite distinct
The company also offers an end-to-end fully integrated courier aggregator platform offered as a SaaS model and a customised shipping solution for SMBs as per their business requirements.
“Neighbourhood Coreyo resellers provide greater flexibility for pickup and drop of the courier,” he says.
The startup includes 15+ service partners for hyper-local, domestic, and international courier services and counts DTDC, Professional Couriers, and Blue Dart, among its B2C competitors and ShipRocket and Pickrr among its B2B competitors.
Coreyo had raised an initial round of funding of INR 25 million in the friends and family equity round, and Jose reveals that many prospective investors are currently showing a great interest in their proposition.
The portal is live with four service providers as of now and customers have started using Coreyo services.
“We will be onboarding 10 service providers by mid-June with optional insurance and more are in the pipeline. Our reseller concept is receiving great response, Coreyo is converting many conventional neighbourhood shops as the new breed of courier operators. We are expected to have 20,000 such resellers all across the country,” Jose predicts.
Our go-to-market strategy targeting large clusters is set to change the way things are sent and received currently
“Our go-to-market strategy targeting large clusters is set to change the way things are sent and received currently. We have a great team with the right mix of skills and calibre quite capable to take the mission forward,” he says.
Being in logistics, this is a company that faced the full brunt of COVID-19, but the team forged ahead.
“The pandemic has caused a definite delay in the project journey, but it has also built greater relevance to a digital platform like Coreyo, essentially making it a need of the hour service,” he says.
Coreyo has an exciting road map that will cater to domestic and international cargo requirements.
“Coreyo is acquiring every ingredient to become a logistic fulfilment house in the years to come. Under the leadership of CTO Swadhin Sonowal, our tech team is building a flexible and adaptable architecture to plug in many service choices with ease and adapt to the evolving customer requirements,” Jose concludes.