Logistics platform Trukkin raises $7 Million in Series A round
- UAE-based truck aggregator Trukkin, has raised $7 million (SAR 26 million) in its Series A round, led by Saudi Arabia-based Emkan Capital with participation from Impact46 Seed Fund, Taya Group and other strategic investors.
Founded in 2017 by Janardan Dalmia, Trukkin digitises the process of matching shippers with truckers to bring efficiency to a fragmented logistics industry.
Trukkin plans to build fintech solutions for payments, insurance, and financial services.
The startup expanded its services into Pakistan in 2020, while growing its business in the UAE and Saudi Arabia while also serving 12 countries in the broader Middle East region.
The logistics and supply chain startup Trukkin has secured an investment of SAR 26 million for its Series A round. The round was led by Saudi based Emkan Capital with participation from Impact46 Seed Fund, Taya Group and other strategic investors.
Founded in 2017 by former Barclays banker Janardan Dalmia, Trukkin is a leading aggregator that digitises the process of matching shippers with truckers to bring about transparency, reliability and efficiency to the logistics industry. Trukkin also works towards building fintech solutions for payments, insurance, and financial services. These solutions lay the groundwork for more financial inclusion for the unbanked and increase much-needed transparency and efficiency for suppliers.
“I’m very proud of the team and the growth we’ve achieved over the course of the last year as we expanded into Pakistan and grew revenues despite the difficult environment presented by COVID. We are excited to close the round with strategic investors like Emkan Capital and Impact46, it confirms our vision of creating a world-class regional aggregation platform to enable logistics for the shippers and transporters,” commented Janardan Dalmia, Founder and CEO of Trukkin.
Since its highly successful launch in Pakistan, Trukkin has continued to invest in technology and expand its services to newer markets while deepening its presence further in Saudi Arabia and the United Arab Emirates.
Ghassan Aloshban, GP at Emkan Capital, said: “Trukkin has exhibited incredibly efficient use of capital and we’re very impressed with what they’ve been able to achieve in such a short time frame. Its core team with over 200+ years of combined industry experience have showcased their expertise in not only navigating but driving growth during the pandemic. We look forward to supporting Trukkin, in serving hundreds of corporate clients and individual shippers as they aggressively look for expansion and growth in reach, capability and business volume”.
“Looking into Saudia 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 lacking the innovative/ digital solution. Trukkin platform is in the right position to regulate the industry and simplify the supply chain with its digital services. Trukkin plays a vital role in enabling a group of independent truck drivers to increase their efficiency at a lower cost to clients.” Added Abdulrahman Al-Modaimeegh Managing partner from Impact46.
“We see enormous growth potential in the logistics industry in the MENAP (Middle East and Pakistan) region, the size of the market is considerable at over $50 billion. Currently, local fragmented players dominate the market in the region, and we are working to be an enabler that brings this fragmented market together on an integrated, world-class platform to showcase collective growth”. Janardan Dalmia commented on the platform's future plans.
Trukkin has grown 3x since the onset of the pandemic and scaled into Pakistan midyear in 2020 becoming the first mover and the leading logistics platform in Pakistan while growing its business in the UAE and KSA and serving 12 countries in the broader Middle Eastern region.