Anyone heard about this company? Looks like their competition is UBER. Would love to hear your thoughts/opinions about their supposedly upcoming IPO.
I can offer you nothing on the investability of this company if it’s the same convoy.com that I found. The one I found is not a competitor to Uber but a digital logistics management company that connects businesses that have shipping needs with trucking companies and independent truckers who are looking to keep their big rigs rolling.
The marketing claim appears to be that the efficiency of their digital operations, which I guess includes assigning trucks close to pickup-locations to reduce fuel consumption. In this way, the operation is similar to ridesharing and other Gig economy operations which promise to use AI to improve the efficiency independent drivers.
Whether the company is planning an IPO, I don’t know. If they are, I would pay close attention to their profitability, as a lot of these types of companies initially operate at a loss. If so, you should make sure you can identify a path to profitability and understand the growth drivers (sorry) that will deliver long-term (3-5 years or longer) business growth for the company.
Fuskie
Who notes the website makes big claims about sustainability and the environment, but he might also want to have a better understanding of the benefits to the drivers, as passenger ride sharing and food delivery Gig type business contractors often complain about benefits, the level of compensation and problems with delays getting their rigs loaded or unloaded, which leaves them idle and costs them money…
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