Trukkin, a Dubai-based trucking platform, announced today that it has raised $7 million in a Series A round headed by Saudi-based Emkan Capital. The round was also joined by Impact 46, Taya Group, and other “strategic investors.” In May of this year, the business raised $3.5 million.
Trukkin, which was founded in 2017 by Janardan Dalmia and has offices in the United Arab Emirates, Saudi Arabia, and Pakistan, connects shippers with truckers (individuals and organisations) in 12 countries around the region. According to the company’s website, it boasts a network of over 2,000 transporters and 10,000 drivers who have handled over 50,000 goods to date. It claims to have tripled in size since the outbreak began.
In August 2020, the company, which began in the United Arab Emirates and Saudi Arabia, moved to Pakistan, becoming the first regional trucking marketplace to do so. Trella, based in Egypt, has since extended to Pakistan, with at least a half-dozen local companies opening comparable markets.
Trukkin also stated that it is developing fintech solutions for payments, insurance, and financial services in order to better serve the carriers and drivers with whom it collaborates. Janardan Dalmia, the founder and CEO of Trukkin, told MENAbytes that the company is focusing on digitising payments for truck drivers so that they may receive rapid payments and use them effortlessly.
“I’m really proud of the team and the growth we’ve made over the course of the last year as we expanded into Pakistan and boosted sales despite the difficult climate posed by Covid,” he said in a statement. We’re thrilled to have closed the round with significant investors like Emkan Capital and Impact46; it validates our goal of building a world-class regional aggregation platform to help shippers and carriers with logistics.”
“We believe the logistics industry in the MENAP region has significant growth potential, with a market size of approximately $50 billion. Local fragmented firms now dominate the market in the region, and we’re working to be a facilitator that brings this fragmented market together on an integrated, world-class platform to demonstrate collective growth,” Janardan added.
“Trukkin has demonstrated exceptionally efficient use of capital, and we’re really impressed with what they’ve been able to achieve in such a short time frame,” said Ghassan Aloshban, General Partner at Emkan Capital. Its core team has demonstrated their expertise in not just managing but also driving growth throughout the epidemic, with over 200 years of combined industry experience. We look forward to assisting Trukkin in their efforts to serve hundreds of corporate clients and individual shippers as they seek to expand their reach, capability, and business volume.”
“Looking into Saudi Arabia’s geographic location, it demonstrates a large local and regional traffic of logistics movement reflecting the fragmented sector that still operates in a traditional way and lacks the innovative/digital solution,” said Abdulrahman Al-Modaimeegh, Managing Partner at Impact46. With its digital services, the Trukkin platform is in a good position to regulate the sector and simplify the supply chain. Trukkin is critical in allowing a group of independent truck drivers to boost their efficiency while lowering customer costs.”
Source: Menabytes
