In the ever-evolving world of international trade, Automaxis is making waves with its innovative solutions. With a vision to simplify cross-border transactions, the startup has introduced groundbreaking platforms, including FDP Connect™ and eCO, reshaping how businesses handle exports and imports. Here’s an insight into their journey, challenges, and vision for the future.
What inspired Automaxis to create its flagship products?
Automaxis’s flagship product, FDP Connect™, addresses critical pain points in international trade by leveraging AI and blockchain. This platform streamlines freight, document, and payment transactions for exporters and importers, ensuring efficiency and transparency. One standout feature is the digitization of the Bill of Lading (BL), a crucial document under the Negotiable Instruments Act, which holds ownership value in the international supply chain.
In addition to FDP Connect™, Automaxis offers eCO, an electronic certificate of origin platform tailored for chambers of commerce and export houses. This product has already digitized over 400,000 shipments across 13 chambers in five key exporting states in India, serving over 6,200 exporters.
What challenges did Automaxis face in its early days, and how did the team overcome them?
The startup’s journey was not without hurdles. Limited funding and a lean team posed significant challenges in scaling operations. However, the team navigated these obstacles by focusing on core features, securing early-stage funding, and outsourcing expertise to meet immediate needs. Guidance from mentors, industry experts, and paying customers played a pivotal role in shaping their strategies and building resilience.
How has CIE IIITH supported Automaxis’s growth?
Automaxis credits CIE IIITH for providing vital support in various areas. From access to research labs and investor networks to hosting impactful events, the incubator offered invaluable mentorship in technology, go-to-market strategies, scaling, and overall business development. These resources have been instrumental in accelerating the startup’s growth and navigating complex challenges.
What milestones have been the most rewarding, and where do you see Automaxis in the next five years?
In the next five years, Automaxis envisions becoming a global leader in digitizing and automating cross-border trade processes. A key highlight of their journey so far is their partnership with India’s largest car manufacturer, collaboration with the Algorand blockchain, and recognition as a listed partner with TradeTrust. These milestones reinforce their credibility and potential in transforming global trade.
What advice does Automaxis have for early-stage startups?
1. Solve real problems: Focus on creating solutions that deliver measurable value to your customers.
2. Be resourceful: Invest wisely in areas that offer the highest returns.
3. Form strategic partnerships: Collaborate with established industry players to enhance credibility and market reach.
4. Stay agile: Be prepared to adapt and pivot as challenges arise.
5. Understand the problem deeply: Avoid overcomplicating solutions with technology. Instead, align solutions with the core needs of the market.
What lies ahead for cross-border trade digitization?
The global trade landscape is on the brink of a major transformation with the push toward 100% electronic Bills of Lading (eBL) by 2030. While legal frameworks like the UK’s Electronic Trade Document Act (ETDA) pave the way for this change, widespread adoption requires countries to align with international standards like MLETR (Model Law on Electronic Transferable Records). Automaxis is positioned to lead this shift, enabling businesses to embrace a more efficient and transparent future.
With bright days ahead for trade digitization, Automaxis continues to drive innovation, creating a seamless ecosystem for exporters, importers, and other stakeholders in the global supply chain.
