In the late 1960s, India was in the midst of a rapid industrialization phase, with a growing need for financing to support the country's infrastructure development. The Industrial Development Bank of India (IDBI) was established to provide financial assistance to various sectors, including the industrial sector. It was during this time that Balurghat Technologies, a logistics company based in India, was looking to expand its fleet to keep up with the increasing demand for transportation services.
With a vision to scale operations, Balurghat Technologies took the bold step of purchasing 60 trucks from TATA. However, this expansion required significant financial support, which is where IDBI came in. Balurghat Technologies became the first logistics company to receive funding from IDBI, a pioneering moment that marked the recognition of transportation as a separate industry.
This move was not just significant for the company itself, but for the logistics industry as a whole. It paved the way for other logistics companies to receive funding and support from financial institutions, ultimately leading to the growth and development of the logistics sector in India.
Being a player in the industry for such a long time, Balurghat Technologies has been a part of several significant moments in the industry and the growth of India as a country. Over the years, they have played a critical role in transporting goods across the country, supporting industries and businesses in their growth, and contributing to the country's economic development.