October 29, 2018 1:30 PM, EDT

Ebix Acquires Stake in India-Based B2B Marketplace

EbixCash, a software and e-commerce service provider, has acquired a 67% stake in Routier, an India-based business-to-business marketplace for trucking logistics. The investment indicates an effort to capitalize on India’s rapidly growing logistics market.

Routier’s cloud-based marketplace connects shippers with small carriers, which account for 75% of the freight transportation business, according to a press release. The platform makes it possible for carriers to win business by bidding from any smartphone, handheld device or computer.

“Exchanges and marketplaces are meant to provide a network effect that drives efficiency for all concerned and are best targeted at industries that are highly inefficient and lack technology savvy,” Ebix Chairman and CEO Robin Raina said. “India’s trucking industry is a perfect example of such an opportunity to deliver tremendous value and efficiency, and thus we are quite excited to be partnering with Routier in its mission to redefine the trucking logistics industry.”

Ebix operates more than 50 offices across five continents. While Routier now operates exclusively in inland logistics, it aims to become “an end-to-end supply chain network … for transportation across country borders,” according to Routier co-founder Adwait Vikram Singh.