Thursday 14 November 2019
 
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Trukkin raises $3.5m in funding

DUBAI, 22 days ago

Trukkin, a techno-logistics firm working to innovate and simplify logistics and land transportation, said that it has raised over $3.5 million in the recent funding round.

The funding includes marquee investors from the Al-Namlah Family Group, the Al-Madi Family Group, and the Abanumay Family Group, said a statement from the company.

As “on demand” services expand into more industries and market places, Trukkin is leading the way in digital logistics solutions for long-haul trucking, it said.

Launched in 2017, Trukkin is based in Saudi Arabia and the UAE and is operating throughout the GCC region and beyond.

Trukkin has raised over $3.5 million in the recent funding round, which included marquee investors from the Al-Namlah Family Group, the Al-Madi Family Group, and the Abanumay Family Group. Batic Investments and Logistics, a publicly listed company on Tadawul, remains as one of the key investors in the start-up.

Mohamed Al Namlah, managing director of Amnest Group, said: “Trukkin’s vision, operational efficiency, capital utilisation, and sound business model drove us to partner with them in the region over other competitors. Trukkin knows the pulse on the ground.”

By adding the new capital to the company, Trukkin will be able to significantly scale their services across the GCC region, it added.

The company has shipped to over 200 locations in the Middle East. In Saudi Arabia alone, Trukkin has completed over 10,000 long-haul, business-to-business truck movements. That is a significant accomplishment given that the country represents nearly 50 per cent of the overall GCC market opportunity.

Investor Al Madi explained that they had been following the sector for months and were impressed with what Trukkin has been able to achieve.

“Their team is very focused on the ground and has shown their operational prowess. We believe we can further add significant capabilities to Trukkin with our investment,” said Al Madi.

Janardan Dalmia, founder and chief executive officer, Trukkin, said: “Our company operates on a ‘asset-light’ model, meaning it doesn’t own the trucks. Our focus on overall service lets us improve both the customer and transporter experience and also increase asset utilization and reduce inefficiencies.”

Trukkin serves a wide range of customers. Through its app and online marketplace, the company brings together shippers who need more transparency and easier access to trucks with truckers who need better access to demand and higher fleet utilisation.  

Their client base ranges from businesses who order close to 100 trucks a day to ones with smaller needs who order as few as three trucks a month.

Trukkin is fully aligned with the Saudi Vision 2030 plan to diversify the country’s infrastructure, with a specific focus on the National Industrial Development and Logistics Program (NIDLP). The NIDLP is working to make Saudi Arabia a “leading industrial powerhouse and a global logistics hub”.

“Our company is building up its marketplace to connect thousands of mostly independent truckers. The long-haul land transport market is highly fragmented and disorganised, and our aim is to institutionalise and professionalise this business,” Dalmia concluded. – TradeArabia News Service




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