Trukkin, a Dubai-based techno-logistics transportation firm collected over $3.5 million in a recent funding round. The firm plans to scale up its services across the Gulf Cooperation Council (GCC), cites source.
For the record, launched in 2017, Trukkin provides digital solutions to long-haul trucking by operational asset-light model. Trukkin operates in an Uber like fashion and the trucks used in the business are not owned by Trukkin. To transport goods, before picking a supplier from the bidders, shippers can log onto application or online platform. The company has a varied client base, ranging from businesses who order more than 100 trucks a day, to others who order three trucks a month.
Reportedly, the funding round for the United Arab Emirates & Saudi Arabia-based truck aggregator company was led by 3 Saudi family group investors- Al Madi family group, Abanumay family group & the Al Namlah family group. A publicly listed company on Saudi's Tadawul, Batic Investments and Logistics, remain the key investor in Trukkin. This was the second fundraise for Trukkin by Batic. Previously, Batic raised over $500,000 in a seed round, for the same. The details regarding lead investor as well as when the recent funding round was concluded, are undisclosed yet.
Janardan Dalmia, Founder & CEO Trukkin, was reportedly quoted saying that Trukkin is building up its marketplace by connecting thousands of independent truckers. The long route transport market is extremely fragmented & disorganized and the company aims to professionalize and institutionalize this business.
Mohamed Al Namlah, MD of investor Amnest Group, was reportedly quoted saying that Trukkin’s operational efficiency, sound business & capital utilization motivated Amnest Group to choose this partnership over other competitors. Trukkin is well-acquainted with the transportation business, he added.
As per credible source, the capital addition of $3.5 million is expected to significantly scale up the company’s services across the GCC region. The company has completed over 10,000 long-haul b2b truck movements, in Saudi-Arabia alone, claims the company.
Source credits: https://www.thenational.ae/business/economy/trukkin-raises-over-3-5m-to-become-the-gcc-s-leading-truck-aggregator-1.866459