Truck It In, a Karachi-based freight marketplace startup, raised $13 million in seed funding from Global Founders Capital, Fatima Gobi Ventures, Picus Capital, Millville, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Ventures.
Elevator Pitch: Streamlining freight movement and improving truckers’ lives in Pakistan.
Tell me more: A country’s economic development depends heavily on transportation and logistics.
This industry is dominated by freight transport. However, road freight is a nightmare in Pakistan. In 2018, we ranked 122 out of 160 countries on the Logistics Performance Index.
The trucking industry is highly fragmented, and there is a huge number of small operators and very few large and medium-sized operators.
Freight rates in Pakistan are also one of the lowest in the world.
Truckers tend to overload to maximize profits, increasing costs because the poor infrastructure cannot handle heavy loads.
Besides, solo truckers depend on brokers or contractors who charge exorbitant commissions for loads.
And in this age of technology, road freight is still reliant on landlines and phone calls for connectivity.
Truck It In addresses these problems by digitizing businesses to solve the shortcomings in road freight transport.
They provide a tech platform for truckers to enable efficient load-matching, freight booking, dispatching, and delivery services.
The shippers and truckers can connect through Truck It In’s platform. It also offers end-to-end booking status updates for tracking your parcel.
Solo truckers can secure loads directly from corporations without relying on brokers.
You should know: Truck It In was founded by Muhammad Sarmad Farooq, Raza Afzal, and Haider Navid in 2020.
Truck It In’s funding now stands at $17.5 million with the new funding round. Last year, it raised $4.5 million in pre-seed funding.
Zoom Out: Truck It In claims their revenue grew 37x in the past year. The new round of funding will be used for hiring people and expanding.
It faces competition from TruKKer, Trella, and Freightix.