TraQiQ Shareholder update
Bellevue WA, April 14, 2021 (GLOBE NEWSWIRE) -- TraQiQ, Inc. (OTC QB: TRIQ ) (the “Company” or “TraQiQ”), a leading provider of FinTech solutions for the gig-economy is pleased to release the following Shareholder update from the company’s CEO, Ajay Sikka.
Dear TraQiQ Shareholders,
2020 was an exceptional year. The Covid-19 pandemic altered the course of everyone on the planet. We have all been through tremendous hardship, lost loved ones and learnt to be more resilient than we ever thought possible. We converted our home to our workplace and our kids’ school, their playground, and a lot more. While video calls enabled us to stay connected and see each other, it was hard to transition from a conference room, brainstorming with the team to a video environment fumbling with an electronic white board.
Despite all the challenges related to Covid 19, TraQiQ evolved tremendously in the last year. The founders doubled down on their investment in TraQiQ, when external capital was not available. The employees stepped up to make sure that every customer was happy, and all commitments were met, even if we could not go to the office.
In October 2020, TraQiQ starting trading on the OTC:QB exchange. We grew our revenue 50% in 2020 from 2019 with organic growth. This was followed by new capital coming into the company in Q1 2021. We also made 2 significant acquisitions in Q1 2021. From a year ago, the team has more than doubled to about 110 people in North America, India, and Colombia. This allowed us the opportunity to support our partner organizations in those markets and in South East Asia & the Middle East.
TraQiQ has been focused on 3 primary pillars. We offer a suite of products designed to help identify customers, facilitate transactions, and fulfill transactions.
Our acquisition of Kringle in January 2021 helped strengthen the first pillar. Kringle analyzes the omni-channel behaviors and transactions of customers. Using world leading Artificial intelligence for digital commerce, Kringle can deliver real time, automated individualized recommendations and personalized content across all customer touch points.
In February 2021, we acquired Mimo and added muscle to the fulfillment pillar. Mimo inherently disrupts the traditional supply chain by employing task workers across the country to fuel the development and advance of a ‘gig’ economy. Mimo provides a variety of delivery solutions from moving goods for global companies, food & beverage delivery, inter-city delivery and many others.
TraQiQ has also continued to invest significantly in its core suite of FinTech tools and recently did a complete refresh of the TraQSuite product line.
Looking ahead at 2021, we have a very busy year planned. We look forward to achieving our goal of getting to $20m+ (run-rate) in revenue this year. We will focus on revenue generation through organic growth and strategic acquisitions. We expect to invest significantly in our 3 product pillars and grow our geographic footprint.
TraQiQ is heavily focused on the notion of a deeply decentralized transaction. When a delivery person arrives to customer location, delivers a product, or collects a payment, there are so many different dimensions in play. We will continue to focus deeply on this experience. We will continue to invest in Fintech tools to make the transaction seamless. We will add new geographies in our delivery/fulfillment business. Industry trends show significant growth in the gig economy and we plan to continue innovating and riding that wave.
The TraQiQ engineer team has been building Blockchain based solutions to leverage that super-secure infrastructure for more complex transactions. The first product was a Bitcoin wallet. We will be running beta tests this year with these new products. Blockchain is ideally suited to streamline the process of onboarding new gig workers by putting credentials and certifications on a blockchain. In addition, all the transaction information for the thousands of transactions that are done every day, will also live in a Blockchain. In addition to security, thus reduces the processing time and offers significant cost savings to our customers.
We have a rock-solid board that is guiding the company. Richard Berman joined the board last week from being our trusted advisor. He has played an instrumental role in building 5 billion-dollar companies. With his varied banking and operating experience (from Goldman Sachs, Banker Trust, Cryoport) Richard has a strong voice in directing the company’s capital programs.
Jim DuBois has been on the board for 3 years. A technology industry veteran, who was the CIO at Microsoft, Jim provides the technology depth to the board.
Greg Rankich built a technology company (xTreme) from a small startup to several hundred people. He is familiar with the daily challenges of growing a business. He acquired a lot of companies and provides valuable leadership as we look at acquisition targets.
We have a super strong team of advisors who help us with the sales, finance, and regulatory & compliance issues.
My operating partners, Lathika Regunathan and Sandeep Soni, are constantly in the trenches with me. We continue to be laser focused on the needs of our customers and our team. Our goals are lofty – we are determined to get there, as we have done multiples time in the past.
Finally, I would like to thank our team, our board, our advisors, our customers, and shareholders for the unwavering support during the last year. It takes us village to get things done, and we certainly found our family.
About TraQiQ, Inc.
TraQiQ, Inc. is a global technology company with a suite of products designed to help identify customers, facilitate transactions/payments, and fulfill/deliver transactions. TraQiQ’s leading edge FinTech and AI solutions have been deployed with leading multi-national customers around the world and are helping increase customer loyalty, improving profitability and driving efficient financial transactions. For more information, visit https://www.TraQiQ.com/.
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Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. The potential risks and uncertainties include, among others, that the reverse stock split may not have the intended benefits, that the Company may not meet applicable NASDAQ Capital Market requirements necessary for listing and/or NASDAQ may not approve the Company’s listing application; and any capital raises. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements.
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SOURCE TraQiQ, Inc.