A CargoX ended 2020 with an 18% growth in its business, which already had revenues close to 500 million reais in 2018. It may not seem high, since startups are usually proud of growth that borders on three digits. But for a company that works with Logistics e transport, ending the year with positive numbers is a boost. For 2021, the forecast is quite different.
“The first half of the year was a mess. We started to grow only in the second half ”, says Federico Vega, founder and president of CargoX, in the selection of the 50 startups that are changing Brazil. Founded in 2013 and nicknamed “Uber of trucks”For connecting companies that need freight with carriers, CargoX was one of the companies directly affected by the crisis of the new coronavirus.
With 45,000 autonomous truck drivers and 20,000 carriers registered on its platform, CargoX offers an application that allows you to connect carriers with customers who need to deliver. The idea is to prevent the trucks from running unloaded on the roads, reducing costs. Customers include Ambev, Unilever, Votorantim, as well as other giants in the market.
According to Vega, the effects of the pandemic had a negative impact on business in the transport sector during the first months of 2020, mainly due to the customs embarrassment regarding cargo from China. In March last year, the startup already reported a 25% drop in demand for trucks with origin and destination to the main ports in the country.
But there is the flip side to this story. CargoX has seen the digitization of the industry become more necessary than ever. With more than R $ 920 million raised from investment funds, the company had already launched its own marketplace to facilitate negotiations between companies and carriers. It was a sure bet at a time when the entire country was being quarantined.
The plan worked and the company managed to recover in the second half. For 2021, the plan is to grow 40% – more than the double registered last year. To do this, more than 500 people must be hired this year.
And the foot remains firm on the accelerator. A new round of funding is not ruled out, not even the IPO with an initial public offering. “Not a day goes by without people being approached by investors,” says Vega.