Latest Lorryz News
May 24, 2021
Transport ecosystem in the freight industry of Pakistan is taking new turns in digitalization to enhance efficiency as a freight tech startup, “Lorryz” emerges to be a paramount change. Why is that a big deal? Because it extends to expanding eco-friendliness through reducing carbon emissions as currently, the environmental degradation in the country is tremendous. Although the country’s transportation industry has been growing at a CAGR of over 18% since 2017 and is valued at over $35 billion according to World Bank, inefficiencies in Pakistan’s generally unorganized transportation (and logistics) sector cost it’s economy nearly PKR 500 billion (about $3 billion) every year. This is where digital freight startups like Lorryz come in, led by a diversified team of core logisticians, venture builders, and techies who have local market knowledge with international exposure of more than 25 years in intermodal logistics and land transportation, After gaining rapid success in the UAE, Lorryz was launched in Pakistan last year during the pandemic with an aim to digitize the transportation industry which contributes 3% to Pakistan’s overall GDP. “Every 1,000 kilometers driven creates 1,048 kg of carbon emissions whilst 35% of total miles are driven empty. Lorryz is going green and creating a positive environmental impact by reducing empty backhaul miles by matching the demand with supply. It is not only saving time and cost for customers but also increasing earnings for truckers. Status quo was the biggest challenge at the start but eventually reaped the first-mover advantage. This encouraged a few other overseas and local start-ups in the same space to follow in the footsteps with more job creation and investments pouring into the country to flourish the digital startup ecosystem”, shares Capt. Adnan Ahmed, CEO at Lorryz. “He further explained that the startup plans to make its platform more robust before expanding to niche global markets like East Africa and Iraq where barriers of entry are high.” Lorryz efficient operations backed by a strong and innovative online digital platform that is accessible via smartphones and the web helped Lorryz to grow by 10 times in revenues and 8 times in volumes over its first starting quarter. The Lorryz mobile app offers real-time tracking and instant pricing with operational dashboard reports for both truckers and cargo owners. With more than 10,000 registered trucks in its network and 70 plus shipments delivered each day to over a hundred B2B clients. Pakistan’s Lorryz Team The company credits its success to the four strategic priorities that serve as a cornerstone to its business strategy. Customer care, flexibility, innovation, and learning are key elements of how they run the business. Customers are their foremost priority, whom Lorryz values highly and makes sure to meet the expectations by providing value-added services. Next comes their ability to adapt to the changing market needs through constant innovation and product customization. “The opportunity is immense and lies around all the supply chain channels which include manufacturing, retail, wholesale, distribution, warehousing, and disposal activities, CPEC further opens the doors to countless opportunities. We have a vision of becoming the largest digital logistics platform globally and providing services through meaningful technological disruptions in the cargo space,” shares Sohaib Butt, VP Business at Lorryz. He further adds, “Our purpose is to increase Lorryz serviceable market over the course of the next few years by increasing its geographical footprints across all major industrial hubs of Pakistan.” It’s a good sign that tech entrepreneurs are now identifying age-old gaps in the freight business and bringing innovative solutions to bridge them. Besides Lorryz, there are a few other entrants in the same space and it would be interesting to watch who will dominate the market, however, one with the right experience and execution will stand out.