When COVID-19, the most recent black swan event witnessed by the world, made its appearance, India and many other countries had to implement lockdowns to contain the viral outspread. But it wasn’t enough to stop this wildfire.
With its surprising outbreak, the pandemic disrupted innumerable businesses, with disturbed cashflow as one of the major challenges faced by most. For any business, cash is considered oxygen and COVID-19 has disrupted that inflow, resulting in several working capital issues in the form of a slowdown in operations and loss in revenues.
Founded in 2013, HGR Logistics is a certified freight and logistics company headquartered in Ahmedabad, India. It provides highly reliable transportation services, including air transportation, trucking and moving & storage, using new-age technologies, helping clients get their goods delivered safely on time and at reduced costs.
The company that emerged out of a family business running since 1983, has grown immensely over the years and aspires to become India’s largest logistic marketplace with unmatched quality and infrastructure at the core of its operations.
One of the most significant problems that the pandemic brought to HGR Logistics was working capital issues due to payment delays from clients. Since most of the clients hailing from sectors like automotive, apparel, home appliances, etc. closed their shops for a temporary period, the company was not getting funds on time to even manage their fixed costs such as payments to suppliers and vendors.
As a result, it switched its focus on pharma clients, expecting timely payments as these players continued to run seamlessly despite the pandemic. But the problem of payment delays wasn’t addressed and the company had to look for other options. This is when they decided to get help from Indifi Technologies.
To address this funding challenge, Indifi provided HGR Logistics with a business loan of INR 25 lacs, which helped them bounce back into the business. Since day one, the process of interaction with the Indifi team followed by the disbursal of funds and beyond was smooth and 100% digital, which helped the company to quickly utilize it and get their business back on track.
With the available capital, the company was able to approach customers and restart operations in 5 branches of the 11 branches in total, mainly focusing on the pharma segment as players in this space were efficiently running. It was able to ramp up sales by INR 50 lacs per month and achieve 33% growth in its number of customers along with adding more new customers to the business.
HGR Logistics achieved this feat because most of its competitors had stopped their services while it was proactively serving customers by taking the right and informed financial decisions. Currently, the company is riding on an impressive growth trajectory with all its branches being operational in full swing.
Moral Agarwal, Founder HGR Logistics said, “We really appreciate the kind of assistance provided by team Indifi. Their 100% digital onboarding and loan application process helped us secure the loan without any hassle and within a short time frame. The team of experts is so brilliant and patient in handling and managing all our queries throughout the process, starting from first connect to loan disbursal and more. We are happy and highly satisfied with Indifi’s association that not only helped us sustain our business but also empowered us to grow further despite the pandemic situation. After working with Indifi, we can proudly say that it is our partner of choice and we would want to continue this relationship in the times to come as well.”
Aditya Harkauli, Chief Business Officer, Indifi said, “We are glad to help all our customers by addressing their pain points and becoming a part of their growth journeys. At Indifi, we believe it is our onus to solve all the financial hassles of SMEs using cutting-edge technologies and empower them to grow immensely in their respective businesses. HGR Logistics is a testimony to this statement and underlines our robust commitment to helping businesses run efficiently and profitably through our suite of best-in-class business and working capital loans that come with easy and convenient repayment options and low-interest rates. We will continue to take this journey ahead by innovating further and bringing more new solutions to the table as we advance in the new world order.”