Logistics Major COGOS Registers 150% Revenue Growth
COGOS has also started a pilot for EVs in some of the cities and plans to launch a full-fledged EV fleet by the end of November.
Intra-city logistics solution provider COGOS Technologies registered 150% revenue growth and 72% demand growth in the festive season. The demand was driven by Tier 2 – Tier 3 cities contributing to 80% of the total demand. COGOS also hired more than 100 people temporarily to cope up with the growing demand amidst the festive season. COGOS is expanding its services heavily and has commenced operations in 200+ cities in the last three months.
COGOS has also started a pilot for EVs in some of the cities and plans to launch a full-fledged EV fleet by the end of November. The festive sales of the e-commerce companies have witnessed a huge increase in sales despite the pandemic. People have started relying on the internet more than offline shopping. E-commerce has turned into a boon as almost every company is trying to enter the online sphere and e-commerce is almost incomplete without logistics. The growth of e-commerce and logistics go hand in hand and is expected to become $215 billion in two years.
Commenting on the development, Prasad Sreeram, Founder and CEO of COGOS Technologies shared, “We see an increasing trend of consumers from across Bharat moving toward digital commerce and services in the challenging COVID times. COGOS vision to digitally transform the city logistics across the country including Tier1, Tier 2 and Tier 3 cities has helped many e-commerce companies and businesses to leverage the platform during this festive season. We have increased operations in more than 200 cities to support the ongoing festive season ”
Most of the demand in logistics is driven by Tier 2- Tier 3 cities which clearly shows us the level of digital penetration in India. When almost all of the businesses were facing a downtrend because of the pandemic, e-commerce has stood still with the rising demands and ease of access for consumers. The festive day sales have contributed about 10% of the total annual e-commerce transactions and the number is expected to grow due to the decline in offline sales during this pandemic.