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This Bengaluru-based transportation, logistics and warehousing startup offers a single window platform that provides convenience and choice to users as well as an end-to-end fully integrated messaging platform offered as a SaaS model.
Every person on the planet will be a customer in the logistics sector at some point. A consumer sending a package to a loved one, a business delivering packages to customers, a student needing to send a college package, the list is endless.
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That’s why when Covid-19 hits, this is one of the hardest hit sectors, realizing the importance of finding the right service provider every time, considering factors such as cost, security, speed and reliability.
Corio, a transportation, logistics and warehousing startup, claims to be a one-stop solution for every single courier and cargo need. It connects the customer with the world’s best postal service providers, adjusts details, and enables the customer to explore the world’s possibilities remotely.
The platform collects and identifies information such as services, pricing, delivery times, so that the customer can compare and ship with a click. Not to mention door pickups, insurance options and next-generation tracking services for every package.
Tech Panda He spoke to Vince M. Jose, Co-Founder and Director of Coreo, about his start-up journey in the challenging logistics sector. The Indian logistics industry faces several challenges, including lack of door-to-door services and high prices for low-end customer segments.
Vince M. Jose
Our consumer promise, the easiest way to delivery, with the best partners, at the best prices. Our partner promises, reach more consumers and grow easily.
“The high-end local market has become very volatile. He explained that dark shops, retail stores or distribution centers that are only used for online shopping are leaving customers with inconvenient service options.
The reliance on B2B commerce for higher volume at lower prices is taking a toll on the bottom line. Inflation in fuel, labor and other costs is eating away at the margins,” he added.
These challenges have created several pain points for consumers, SMEs and courier service providers that Koryo is trying to solve.
Pain points from the POV of consumers, SMEs and postal service providers
Jose explains the challenges in the logistics sector from the perspective of the consumer, the SME and also the courier service provider.
“Postal delivery is unorganized for both consumer and small businesses in a fragmented marketplace with many players. Depending on the urgency and importance, consumers have limited or no options to choose a carrier or pricing option,” he says.
Consumers are also uncomfortable with tracking and customer support, while SMEs have limited delivery options in terms of price and volume, he added.
Customers are forced to use one postal service for all categories of shipments, from regular shipments to urgent services. Franchises are usually registered with one service provider, which limits their source of income
“Customers are forced to use one postal service for all categories of goods, from normal delivery to urgent. Franchises are often signed up to one service provider, which limits their source of income,” he explains.
He outlines the postal service provider’s limitations, such as its reliance on high-value transactions.
“The consumer demographic is too fragmented to build experiences. Expanding into new markets is too expensive,” he says.
There is a lack of industry-specific aggregators to help drive innovation and scale, as well as a lack of a central consumer database to create effective marketing campaigns. Often, they are faced with the inability to leverage existing ratings to reach new consumer pockets.
“A courier service provider alone cannot solve C2C, B2B user pain points and meet market needs,” he says.
What do they do?
Coreyo says it’s easier for consumers and better for business. A single window discovery platform provides convenience and choice for users to choose online service providers with quick activation.
“One platform brings together all the services in one place so people can easily send, receive and share things,” says Jose.
One platform brings together all the services in one place so that people can send, receive and share things
“Consumers have an offline option to deliver to neighborhood Coreyo outlets. Coreyo vendors provide more flexibility for nuclear-powered families to pick up and drop off couriers,” he added.
The startup is an end-to-end fully integrated messaging platform offered as a SaaS model.
“Our promise to our customers, the easiest way to ship, with the best partners, at the best prices. Our partner promises, reach more consumers and grow easily,” he said proudly.
Origin and inspiration.
Jose has 30+ years of experience in the logistics industry and a strong understanding of the processes involved in the logistics value chain. During his career, he played an important role in solving problems and introducing solutions for the Indian courier ecosystem.
His journey began in the late 80’s as a member of the founding team of First Flight Couriers Limited and he grew with the company to become General Manager before joining Plus Business Machines as Director.
Because technology has not made the process of finding, comparing, or choosing a courier service easier, faster, or less expensive for consumers, the traditional industry’s consumer-centric innovations have yet to materialize.
Before introducing Corion to Ecosystem, he had a second stint with First Flight Courier, where he joined First Flight and led the team as vice president of the company.
“People in my circle have always spoken to me about advice and choice of messaging service because of my long experience with the industry. Because this technology has not made the process of finding, comparing or choosing a messaging service easier, faster or less expensive for consumers, the traditional industry is still undergoing consumer-centric innovations. It made me think that it was. It made him think and he was determined to keep going,” says Jose.
Coreyo USP
The startup’s USP is its simple and easy UI with its choice-filled ecosystem for price discovery and comparison, as well as real-time tracking and alternative insurance facilities.
“A single window platform that gives users convenience and choice is very different,” says Jose.
“Product suitability is standardized, prioritized and embraces every critical consumer need. Corio is the first company to bring express mail services to consumers’ doorsteps,” he added.
A single window platform that provides convenience and choice to users is quite different.
The company provides an end-to-end fully integrated mail collection platform as a SaaS model and a customized delivery solution for SMBs as per their business needs.
“Neighborhood courier vendors offer more flexibility to pick up and drop off the courier,” he says.
The startup includes 15+ service partners for hyper-local, domestic and international courier services and counts DTDC, Professional Courier and BlueDart among its B2C competitors and ShipRocket and Pickrr among its B2B competitors.
Development history
Koryo raised an initial round of funding of INR 25 million in an equity round from friends and family, and according to Jose, many prospective investors are currently showing strong interest in their idea.
The portal is currently with four service providers and customers have already started using Korio services.
“With Alternative Insurance, we will have 10 service providers on board by mid-June and more are on the way. Our retailer concept is getting a good response, Coreyo is transforming many conventional neighborhood shops as the new breed of postal operators. We expect to have 20,000 such retailers across the country.” Jose prophesied.
Our go-to-market strategy, targeting large volumes, is poised to change the way things are shipped and received today.
“Our go-to-market strategy targeting large collections is poised to transform the way things are shipped and received. We have a great team with the right mix of skills and capabilities to drive the mission forward.”
Being in logistics, this is a company that has faced the full brunt of Covid-19, but the team has forged ahead.
“The epidemic has caused some delay in the project’s journey, but it has built a great importance for a digital platform like Koryo, which requires round-the-clock services,” he said.
Future plans
Corio has an exciting roadmap that caters to both domestic and international cargo requirements.
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“Coryo is getting every element to become a logistics complement house in the years to come. Under the leadership of CTO Swadhin Sonowal, our technology team is building a flexible and adaptable architecture to easily deploy multiple service choices and adapt to customer needs.
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