Sarmayacar, a Pakistan-focused venture capital firm, said earlier this month that it has assisted in the establishment (and invested in) TruckSher, a trucking marketplace. The amount of money invested by the VC company in the venture was not disclosed.
Sarmayacar invests in early-stage Pakistani entrepreneurs by either leading or participating in investment rounds. It’s the first time it’s aided in the creation of a startup from the ground up.
Abid Butt, a serial entrepreneur who has established and run a number of businesses, is the CEO of TruckSher. The trucking marketplace, which was launched in February of this year, connects shippers with truck owners and drivers to assist them book cargo for transportation both within and outside of the country (Afghanistan). It’s just one of many platforms that have started (or expanded in Pakistan) with the goal of bringing order to the country’s chaotic transportation business. Working with ten significant clients, the business informed MENAbytes that it is currently transacting over $200,000 per month.
This is a move from the traditional way of investing in startups, where Sarmayacar has placed a bet on a promising team of young entrepreneurs building up the transportation business.
TruckSher’s services are already in use by a number of national companies, some of which are limited partners in Sarmayacar’s first $30 million fund. The VC investment will be used to expand the startup’s fleet and client base, as well as build new offices across the country.
“We are quite thrilled about the TruckSher team and the business model,” said Rabeel Warraich, Managing Partner at Sarmayacar, speaking to MENABytes. He added that this is a huge industry, and there’s a lot of precedent from around the world where digital freight networks have increased efficiencies, created more jobs, and improved service levels.
“We believe the rapid expansion and successful technology adaptation are crucial to ensure we are able to give value to our clients and member drivers,” said Abid Butt, co-founder and Managing Director of TruckSher, while speaking to the media.
The founding team believes that with this support, TruckSher will be quick to expand over Pakistan’s land freight network, ports, industrial zones, and agricultural belts.