The logistics and supply chain startup Trukkin has secured an investment round of SAR26 million (USD7 mn) for its Series A round. The financing was led by Saudi based Emkan Capital with the participation from Impact46 Seed Fund, Taya Group, and other strategic investors.
Founded in 2017 by former Barclay’s banker Janardan Dalmia, Trukkin is an 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.
Janardan Dalmia, Founder and CEO of Trukkin, said: “I’m immensely 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.”
Since its launch in Pakistan, Trukkin has continued to invest in technology and expand its services to newer markets while deepening their presence further in Saudi Arabia and the UAE.
Ghassan Aloshban, GP at Emkan Capital, said: “Trukkin has exhibited incredibly efficient use of capital and we’re 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.”
The Impact46 team added: “The Trukkin team has shown its unique ability to build businesses across multiple geographies in three years while retaining the strong culture of the company. We are confident in their ability to build, manage, and scale the business.”
“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 USD50 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 said, while commenting on the platform’s future.