UAE-Born Digital Freight Platform TruKKer Secures $96 Million in Funds
The funding will be used to expand and cement the startup’s presences in the GCC and Central Asia.
UAE-headquartered digital freight network, TruKKerm is capitalising on the world’s focus on digitisation and technology to drive growth in the regional T&L sector. The B2B digital freight platform is the largest in the Middle East and Central Asia region and is set to become the de-facto infrastructure for land freight in the region. To fund its rapid expansion, the startup has raised $96 million in a mix of equity and debt financing as part of a Series B round. The equity round was led by ADQ and Riyadh-based Saudi Technology Ventures (STV) with participation from Mubadala and a number of existing investors including the Riyad Taqnia Fund and Shorooq Partners. $50 million of that was raised in venture debt from Mars Growth and San Francisco-based Partners for Growth.
Since its inception in 2018, TruKKer has been aggressively expanding into new markets, overhauling the regional logistics sector as it chugs along from country to country. Over this period, TruKKer has managed to bring together a fleet of more than 40,000 trucks and 700 enterprise customers across eight countries in the Middle East and Central Asia. This Series B funding round comes hot on the heels of their recent pioneering acquisition of Pakistan’s Trucksher. This additional funding, however, will not be allocated towards exploring new markets; it will instead be used to bolster the company’s presence in existing markets.
The platform weaves together a vast information web that creates unparalleled business availability while optimising and redefining standards for the land freight market,” says co-founder and CTO, Pradeep Mallavarapu. "Our products focus on simplicity with sophisticated back-end algorithms that are multilayered for multi-tenanted access in parallel. The sector requires a strong operating business that can demonstrate the use of high-tech solutions to solve multiple simple and complex issues at the same time."
TruKKer’s rapid expansion is driven by an agile approach to market entry and the emphasis placed on leveraging technology. Its exponential growth has seen it jump from the UAE, to Saudi Arabia, Egypt and Central Asia.
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