Trukkin raises $3.5m in funding round

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 startup. 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'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," said Mohamed Al-Namlah, managing director of Amnest Group.
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 utilization. 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.
Founder and chief executive officer of Trukkin, Janardan Dalmia, explained how their model works: "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. Trukkin is building up its marketplace to connect thousands of mostly independent truckers. The long-haul land transport market is highly fragmented and disorganized, and our aim is to institutionalize and professionalize this business."
Trukkin is one of several startups gaining global recognition in the new industry. In 2018, a Wall Street Journal headline noted that China's Truck Alliance, a truck hailing company, was on course for a $10 billion valuation. Blackbuck, India's largest trucking platform, was named CNBC's 2018 Startup of the Year reaching unicorn status in 2019.
- business@khaleejtmes.com