WebCargo, a Freightos company, is acquiring Air Freight Bazaar, a leading regional air cargo rates and sales platform based in Chennai, India. The Indian market is key to air cargo and is growing fast at 17 per cent YoY between 2016 and 2017, Freightos notes.
Improved air cargo digitalisation stands to further increase efficiency, promoting Freightos’ mission of frictionless global trade, it says. This acquisition combines WebCargo’s advanced air cargo rates, sales, and eBooking platform, used by over 1,400 leading forwarders, with Air Freight Bazaar’s market share of 300 leading regional air forwarders.
The current team will remain onboard as employees of Freightos India. Air Freight Bazaar customers will receive access to WebCargo’s existing platform, including access to on-demand air rates, dynamic pricing and eBooking with airlines like Lufthansa Cargo. In addition, the acquisition sets the stage for future regional expansion of Freightos’suite of digital freight sales and management platforms, it says.
“Our vision has always been to help India’s logistics providers improve with advanced technology,” says Air Freight Bazaar co-founder, Jose George.
Air FreightBazaar co-founder Vinay Sethia adds: “With Webcargo, we can offer our customers improved technology, access to over 300 airlines, and eBooking. We’re also excited to represent WebCargo and Freightos in India.”
“Air Freight Bazaar has been a regional leader in freight digitalisation, making them a natural fit,” ays Zvi Schreiber, Freightos CEO. “Our initial focus in India will be on further automation for local air freight forwarders and collaborating on dynamic pricing and eBooking. We’re excited to bring even more efficiency to India’s air cargo market,” he adds.
WebCargo Air is a leading platform for live air cargo rate distribution and bookings between hundreds of airlines and 1,400+ forwarders. Partners using fully digital eBooking on WebCargo include leading airlines such as Lufthansa and forwarders like Panalpina.
WebCargo Multimodal is the leading platform for enterprise freight forwarders to manage rates and automate sales, spanning ocean, air and land. Customers include Hellmann, Nippon Express, CH Robinson, FedEx Logistics and others.
Freightos is a logistics technology pioneer with a worldwide presence, and has raised USD 94.4 million from leading venture funds, including GE Ventures and the Singapore Exchange.