New Brazilian Startup CargoX Soars In Revenue
CargoX is a fantastic Brazilian trucking startup company that Goldman Sachs funded with a $10 million dollar investment.
Some people are referring to CargoX as if it is a type of Uber for the trucking industry. The startup announced that it reached its $10 million goal almost effortlessly.
It is not a surprise that people refer to CargoX as being similar to Uber. Uber's founder, Oscar Salazary, had a lot to do with the startup. He was delighted to support the venture and says that he sees a great deal of potential in it because of the flawed trucking market in Brazil.
Salazar made nothing but positive statements about the start up. He said that it seemed to be a billion dollar opportunity. Information asymmetry is what he attributed to the company's potential.
Frederico Vega, the CEO of the company, said that the startup probably has a closer likeness to Airbnb than it does to Uber. Nevertheless, one of the company's main goals is to reduce costs for people who own freight. What it does is bridge the gap between truckers and businesses who need to move product. It finds truckers who have no freight in them and puts them together with the businesses that need them. This results in having two happy parties and less trucks traveling on the highways empty.
Vega explained that the organizations that work with CargoX rather than the truckers, and that way of doing business establishes trust.
Vega also stated he had the capacity to produce one truck or 100 trucks because he owns an entire network.
Vega stated that the network has over 150,000 trucks.
The company has brought in more than $14 million in revenue.
Salazary said that the future looks bright, but that one must still lay a sturdy foundation.
(English) CargoX - We always ship. No Excuses.