Trukkr raises $6.4 million in seed funding to digitize Pakistan’s trucking industry

Trukkr raises $6.4 million in seed funding to digitize Pakistan's trucking industry
Trukkr raises $6.4 million in seed funding to digitize Pakistan’s trucking industry

Trukkr, a Karachi-based startup managing logistics and finances for trucking companies, has raised $6.4 million in seed funding from Accion Venture Lab, Sturgeon Capital, Haitou Global, and Al Zayani Venture Capital.

Make me care: Pakistan’s logistics sector is a $35 billion industry, according to the press release issued by Trukkr announcing the funding round. Small and medium-sized trucking companies make up more than 90% of all truck drivers in Pakistan.

Often, small and medium-sized trucking companies need access to financial services and cannot cover expenses for 90 days. Additionally, there are many inefficiencies due to reliance on third parties that assist in the lifecycle of freight.

Trukkr solves these inefficiencies and helps with digitization.

Tell me more: It provides supply chain solutions and financial products to small and medium-sized trucking companies. Using logistics data, the platform underwrites loans to trucking companies, allowing them to track expenses, access invoices, and bid on jobs.

Additionally, Trukkr’s proprietary SaaS product addresses pain points for large suppliers by allowing them to digitally connect with trucking companies to transport their goods, track their shipments as they move, and optimize efficiency.

You should know: Trukkr was founded in 2019 by Sheryar Bawany and Mishal Adamjee. It has a non-banking financial institution (NBFI) license from Pakistan’s Securities and Exchange Commission (SECP).

In 2021, it raised $600k in funding. To date, Trukkr has raised $7 million in disclosed funding.

Zoom out: Trukkr’s mission is to drive financial inclusion for the logistics sector in Pakistan, which makes up a significant portion of the country’s economy. 

It plans to use the $6.4 million funding to develop its fintech platform further and expand its reach in the trucking industry.

Source: Press release

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