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All Posts Term: CargoX App
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CargoX Brazil Transforms The Trucking Industry

CargoXBrazil

How 'Uber For Trucks' in Brazil Quietly Achieved a run Rate of $200 Million in Only six Years

Among American startups, the race has begun to introduce technology to the trucking industry, with large sums of money raised and major players, such as Uber and Amazon, getting involved. However, in Brazil, businessman Federico Vega is content to develop a trucking challenger of his own, CargoX, away from that publicity. This venture now boasts yearly revenue of $200 million.

If he had not set up his CargoX Brazil business in its' current location, Vega's achievements to date would have made him much more famous in tech communities. Since its' 2011 launch, CargoX has expanded in six years to be one of Brazil's top ten players in the trucking industry. Also, it is the third biggest on the planet, with 2.6 million lorries on the roads. If a firm like Unilever has to transport cargo somewhere unexpectedly, it can hire drivers using CargoX's app. The startup will handle the shipping, insurance and risk. In return, CargoX receives a cut of roughly fifteen percent.

New Brazilian Startup CargoX Soars In Revenue

CargoX

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.

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