The logistics industry businesses face many inconsistencies and fragmentation because of the various parties involved, and there is a lack of centralised control. Korean startup Coconut Silo has created a smart solution for the logistics industry to get more control and track the resources anytime, anywhere, within a glance.
Track the resources at no additional cost
Coconut Silo, a Hyundai Motors’ in-house startup, makes cross-border logistics smoother with tracking technology and no additional cost. The startup currently runs a truck-hailing platform in ASEAN countries and is seeking market expansion to GCC (Gulf Corporation Council). Using Coconut Silo’s technology, clients can track their resources anytime, anywhere.
The most important thing is that it is free to use. Big data features of the solution enhance efficiency and profits. Businesses can cut transportation costs through their services, which provide truck information, optimum route algorithm, trace algorithm, etc. The orders for logistics can get orders within 5 minutes. The technology eliminates the disadvantages of traditional communication methods, manual labour, and vague price standards. Cargo owners can send transport without owning the truck and take actions during the transit.
Targeting the Gulf and global logistics market
The company target is all logistics players from logistics companies, cargo owners, and truck drivers. Coconut Silo has integrated third-party services like insurance, fueling, maintenance, and benefit programs for customers in their service. Coconut Silo’s business model is based on a freemium plan, commission, and third party service fees.
Coconut Silo plans to enter the Gulf countries with headquarter in Dubai and also enter the Kingdom of Saudi Arabia. Coconut Silo is a dynamic startup that went independent in March 2020 when the world was in the grip of COVID-19. It was launched in 2018 under the H-Startup program of Hyundai Motors. During their H-Startup days, Coconut Silo was selected as the program ‘RISING X 2nd generation,’ a program that supports a startup’s global launch, which helped them prepare their global launch. Coconut Silo’s goal is to be a mobility startup that makes mobilities easy in developing countries near the equator, starting from Vietnam, India, Brazil.
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