Lorio, a new SaaS platform launched in December 2024 is trying to solve the problem of low technology adoption and high operational inefficiency among India’s small fleet owners by providing an affordable, user-friendly SaaS platform for systematic fleet management. The company’s origin was inspired by a technology gap observed by Prince Bansal during an internship, noting that the logistics industry was far too reliant on manual processes. Lorio is bootstrapped by its parent company, RK Road Transport Pvt. Ltd. The leadership team includes Sumit Agarwal, Managing Director and Founder, Prince Bansal, and Shivang Agarwal as Co-founders.
Though based in Raipur, the company leverages a strong network, including an official incubation by IIM Visakhapatnam and a partnership with GITAM University in Vizag. This strategy is key to addressing the issue of the youth avoiding the logistics sector. Lorio actively engages with students to foster interest and cultivate a talent pipeline for the essential road logistics industry.
Lorio’s biggest obstacle isn’t customer acquisition, but the widespread resistance to adopting new technology. Lorio’s technology directly addresses the core problems of fleet management, like tires, trips, documents, and maintenance. The platform provides proper, vehicle-wise analytics to shift operations from being reactive to predictive, minimizing losses. A key feature is integration with government portals, such as Vahan, which automatically tracks document expiry dates, helping owners avoid costly fines.
Lorio’s subscription-based revenue model charges Rs 3,000 per truck per year for its comprehensive fleet management solution, with early adopters receiving discounted rates.
The company has achieved impressive initial success, generating Rs 18–20 lakh in revenue from its testing product within its first six months, onboarding 150+ customers managing over 1,500 trucks. Lorio’s future vision is centered on the vast Pan-India market, to build a comprehensive ecosystem for all supply chain players before expanding globally.
Below is a brief snapshot of the Startup:
Founder: Managing Director and Founder – Sumit Agarwal; Co-founder- Prince Bansal; Co-founder -Shivang Agarwal
Incubated / Started in the Year: December 2024
Industry / Space: Logistics
Number of team members: 14
Funding Received: Bootstrapped
Looking To: Collaboration and funding from industry
Claim to Fame: 150+ active customers managing over 1,500 trucks
Market of Operation: Pan India
Company Culture:
Aggressive Methodical Easy Going
Person that inspires me (PTIM): Mr. Sumit Agarwal, founder of RK Road Transport Pvt. Ltd., inspires me through his journey of taking his business from zero to 100 and his unwavering drive to challenge norms in the logistics segment.
