Trukkin raises $7 million in Series A funding round
DUBAI: The logistics and supply chain startup Trukkin has secured an investment of 26 Million SAR (about USD7 million) for its Series A funding round.
Saudi-based Emkan Capital led the investors with Impact46 Seed Fund, Taya Group and other strategic investors joining in.
Founded in 2017 by former Barclays banker Janardan Dalmia, Trukkin is a leading aggregator that digitizes 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,” said Dalmia.
Since the company’s 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 the company has shown remarkable performance within a short time frame, noting, “It’s 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.”
Dalmia said he sees “enormous growth potential in the logistics industry in the MENAP (Middle East and Pakistan)” with the size of the market estimated to be valued at more than US$50 billion.