WebCargo, a Freightos company, has announced the acquisition of Air Freight Bazaar, a leading regional air cargo rates and sales platform based in Chennai. The Indian market is key to air cargo and is growing fast at 17% YoY growth between 2016 and 2017. Improved air cargo digitalization stands to further increase efficiency, promoting Freightos’ mission of frictionless global trade.
This acquisition combines WebCargo’s advanced air cargo rates, sales, and eBooking platform, used by over 1,400 leading forwarders, with Air Freight Bazaar’s market share of 300 leading regional air forwarders. The current team will remain onboard as Freightos India employees.
Air Freight Bazaar customers will receive access to WebCargo’s existing platform, including access to on-demand air rates, dynamic pricing and eBooking with airlines like Lufthansa Cargo and Air France/KLM. In addition, the acquisition sets the stage for future regional expansion of Freightos’ suite of digital freight sales and management platforms.
“Our vision has always been to help India’s logistics providers improve with advanced technology,” said Air Freight Bazaar co-founder, Jose George. Vinay Sethia, Air Freight Bazaar co-founder added, “With Webcargo by Freightos, we can offer our customers improved technology, direct access to over 300 airlines, and eBooking. We’re also excited to represent WebCargo and Freightos in India.”
“Air Freight Bazaar has been a regional leader in freight digitalization, making them a natural fit. Our initial focus in India will be on further automation for local air freight forwarders and collaborating on dynamic pricing and eBooking with regional airlines,” said Zvi Schreiber, Freightos CEO. We’re excited to see how Freightos’ WebCargo platform can bring even more efficiency to India’s air cargo market.”