|09 June, 2019

Trukkin raises $3.5mln in funding

The company has shipped to over 200 locations in the Middle East

Image used for illustrative purpose. In this Photo Illustration, Twenty and five dollar bills are displayed on August 29, 2017 in San Anselmo, California.

Image used for illustrative purpose. In this Photo Illustration, Twenty and five dollar bills are displayed on August 29, 2017 in San Anselmo, California.

Gettyimages/Justin Sulliva

Trukkin has raised over $3.5 million in a 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. Launched in 2017, Trukkin is a techno-logistics firm based in Saudi Arabia and the UAE operating throughout the Gulf Cooperation Council (GCC) region and beyond. The company works to innovate and simplify logistics and land transportation.

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

"Trukkin operates on an '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," explained founder and chief executive officer, Janardan Dalmia.

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

Dalmia added that the company's aggressive growth strategy fully supports the Saudi Vision 2030 plan to diversify the country's infrastructure, with a specific focus on the National Industrial Development and Logistics Program (NIDLP). "Trukkin 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 explained.

Copyright © 2019 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Business