AGL 8.30 Decreased By ▼ -0.03 (-0.36%)
ANL 10.95 Increased By ▲ 0.25 (2.34%)
AVN 79.70 Increased By ▲ 1.51 (1.93%)
BOP 5.75 Increased By ▲ 0.18 (3.23%)
CNERGY 5.64 Increased By ▲ 0.26 (4.83%)
EFERT 79.36 Increased By ▲ 0.71 (0.9%)
EPCL 67.48 Decreased By ▼ -0.31 (-0.46%)
FCCL 14.89 Increased By ▲ 0.39 (2.69%)
FFL 6.70 Increased By ▲ 0.10 (1.52%)
FLYNG 7.16 Increased By ▲ 0.13 (1.85%)
GGGL 11.60 Increased By ▲ 0.26 (2.29%)
GGL 17.51 Increased By ▲ 0.27 (1.57%)
GTECH 8.35 Increased By ▲ 0.05 (0.6%)
HUMNL 7.17 Increased By ▲ 0.11 (1.56%)
KEL 3.14 Increased By ▲ 0.06 (1.95%)
LOTCHEM 35.20 Increased By ▲ 2.33 (7.09%)
MLCF 28.35 Increased By ▲ 0.05 (0.18%)
OGDC 87.70 Increased By ▲ 3.15 (3.73%)
PAEL 16.63 Increased By ▲ 0.18 (1.09%)
PIBTL 6.05 Increased By ▲ 0.20 (3.42%)
PRL 19.46 Increased By ▲ 1.34 (7.4%)
SILK 1.14 No Change ▼ 0.00 (0%)
TELE 11.41 Increased By ▲ 0.31 (2.79%)
TPL 9.20 Increased By ▲ 0.20 (2.22%)
TPLP 20.25 Increased By ▲ 0.37 (1.86%)
TREET 27.10 Increased By ▲ 0.48 (1.8%)
TRG 96.20 Increased By ▲ 1.70 (1.8%)
UNITY 20.85 Increased By ▲ 0.48 (2.36%)
WAVES 13.90 Increased By ▲ 0.27 (1.98%)
WTL 1.34 Increased By ▲ 0.03 (2.29%)
BR100 4,275 Increased By 67 (1.59%)
BR30 15,794 Increased By 348.3 (2.26%)
KSE100 42,872 Increased By 628.4 (1.49%)
KSE30 16,219 Increased By 247.6 (1.55%)
Business & Finance

Pakistan's trucking marketplace Truck It In raises $1.5M in pre-seed

  • Pakistan's Truck It In raised one of the largest pre-seed investments of $1.5 million in the Middle East, North Africa & Pakistan region for its trucking marketplace.
Published April 13, 2021
Source: Truck It In
Source: Truck It In

Pakistan's Truck It In has raised $1.5 million for its trucking marketplace in a pre-seed round led by Global Founders Capital. This is one of the largest pre-seed investments raised by a startup based in the Middle East, North Africa and Pakistan region.

Fatima Gobi Ventures, BitRate Venture Capital, Deosai Ventures, +92 Venture and several known angel investors also participated in this pre-seed round.

This Karachi-based startup was launched in August 2020 to simplify road freight in Pakistan. The startup hopes to make freight movement more efficient and improve the lives of truckers and shippers by connecting them through it's online platform.

Currently catering to Karachi, Lahore, Islamabad, and Faisalabad, the startup allows shippers to book different types of vehicles, including containers, halfbody, flatbed, Mazda, pickup and shehzore for several inter-city routes. In addition to this, the Truck It In platform also offers shippers live tracking and insights at the best rates, and promises Truckers instant loads, round trip assurance and fleet effeciency.

The startup was founded by three innovative entrepreneurs: Muhammad Sarmad Farooq, Raza Afzal, and Haider Navid. All three of them have previously led different functions and categories in startups like Careem and Bykea and have immense experience in this sector.

According to co-founder Sarmad, Truck It In hopes to solve the supply chain inefficiencies in this $25 billion market, that is growing faster as compared to its regional peers, to help unlock more than $1 billion for Pakistani businesses, as reported by Menabytes.

Sarmad also that Truck It In is continuously adding hundreds of new truckers to its platform on a weekly basis and is primarily focused on independent truckers, which constitute 80 percent of the available vehicles in the country. The operations team at Truck It In is also working hard to offer higher utilization for these truckers by reducing their idle time through better engagement and back-haul loads.

As Trucking becomes a competitive market in Pakistan, several regional and local players have also entered this space in the last few months. However, Truck It In hopes to pursue the trucking market differently by focusing heavily on improving its access to supply and creating strategic partnership by leveraging the personal backgrounds of its experienced founders.

Comments

Comments are closed.