Karur Vysya Bank ties with Unanu Technologies for digital freight finance

15 Feb 2022 , 11:21 AM

Karur Vysya Bank has joined hands with Unanu Technologies (UNANU), a major End to End Logistics Software Platform provider, for digital freight finance.

“This Digital Freight Finance Programme will go a long way in releasing the working capital which otherwise has a longer cycle time. This ultimately will enable the Transport contractors to expand their business volume” said  Ramesh Babu, MD & CEO of KVB.

Srini Sundar, CEO of UNANU Technologies has also highlighted that the next version of UNANU’s digital freight financing will be Blockchain-enabled to have integrity and security in transactions.

“KVB is the first bank to tie up with UNANU to introduce Digital Freight Financing through the marketplace in Banking Sector to facilitate funding to the Logistics Transport contractors”, said Natarajan, President and Chief Operating Officer of KVB.

Using UNANU’s niche software platform module “U-Turbo — a marketplace”, they will be able to onboard logistics companies and shippers to this Freight Financing programme. The software platform provided by Unanu has complete visibility right from the time the material is picked up from the shipper (Proof of Pick up) till the same reaches the destination (Proof of Delivery).

In transit tracking of the truck is also provided with the associated software/hardware. The digitized document at each stage is captured in the software platform which comes in handy for KVB to verify the authenticity of the transactions. The software platform further has a feature to raise invoices to the shipper by the Transport contractors that is seamlessly captured in the
Digital Freight Finance System.

This feature will enable KVB to fund based on the Invoice and other mandatory documents that are available in the Digital Freight Finance System.

At around 11.18 am, KVB was trading at Rs51.60 per piece flat compared to the previous closing on BSE.