Yojee grows Singapore last mile logistics network 700% in six months

Yojee ASX YOJ Singapore freight last mile logistics network

Yojee (ASX: YOJ) has reported “significant growth” of almost 700% in the last six months for its Singapore-based last mile logistics network.

Using artificial intelligence and blockchain technology, Yojee has created a regional freight network and software as a service products for multiple businesses across the global logistics supply chain.

Yojee’s “off the shelf” product offers businesses basic fleet management, routing and tracking.

Additionally, the company claims while its last mile network has expanded, its performance standards were maintained.

The deliveries on Yojee’s Singapore last mile network are completed by software partners and a 1300-freelance driver network.

Orders are place through API integrations with e-commerce platforms and via agreements with merchants and freight forwarders.

“Yojee continues to execute well on its last mile delivery services in Singapore by leveraging both its network of freelance drivers and delivery partners that utilise the company’s software,” Yojee managing director Ed Clarke said.

Additionally, Yojee recently expanded into the South American market after inking an agreement with freight forwarder Scharff International Courier and Cargo SA to implement its logistics software across the company’s four business units in Peru and Bolivia.

Meanwhile, in the company’s September 2017 quarterly, Yojee revealed key improvements on the June quarter, which included a 73% increase in the number of companies using Yojee’s network, a 49% rise in individual customers as well as a 66% increase in the amount of freight delivered.

In mid-November, Yojee unveiled its autonomodal supply chain digitisation product which uses artificial intelligence and blockchain to enable shippers and carriers to work together across the supply chain.

According to Yojee its autonomodal offering is easy to use and self-managed.

The company claims the global supply chain sector lacks “significant innovation” and is predicted to be valued at US$15.5 trillion by 2023.

As well as its Singapore and South American customers, Yojee has multiple clients in Australian, Cambodia, Vietnam and Indonesia across courier, bulk freight and wharf cartage sectors.

By mid afternoon trade, shares in Yojee were sitting at A$0.28 – up almost 4% on the previous close of A$0.27.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for an array of industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has covered a myriad of small and large cap ASX and dual-listed stocks.