Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today
  • World
  • Pakistan
  • Politics
  • Business
  • Economy
  • Sports
  • Entertainment
  • Technology
  • Health
  • Travel
  • Science
  • Opinions
  • Blogs
  • Letters
Reading: Trukkr, a Pakistani fintech company, claims to have raised $6.4 million in seed funding
Share
Aa
Times of Pakistan
Search
  • World
  • Pakistan
  • Politics
  • Business
  • Economy
  • Sports
  • Entertainment
  • Technology
  • Health
  • Travel
  • Science
  • Opinions
  • Blogs
  • Letters
Follow US
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
PakistanBusiness

Trukkr, a Pakistani fintech company, claims to have raised $6.4 million in seed funding

In addition to receiving a non-banking financial company (NBFC) licence, Trukkr, a fintech platform for Pakistan's trucking industry, announced on Tuesday that it had collected $6.4 million in a financing round.

News Desk
By News Desk Published March 7, 2023
Share
Trukkr Founders B
Image Credits:

Tuesday saw the launch of the Pakistani startup Trukkr, which revealed that it had raised $6.4 million in a seed round to expand as a fintech (financial technology) business and launch loan solutions for truckers.

Accion Venture Lab, a fintech-focused venture capital firm, and Sturgeon Capital in the UK led the funding round for Trukkr. Angel investor Peter Findley, Haitou Global in the US, and Al Zayani Venture Capital in Bahrain also contributed.

Although it has been modified for the local market, the company’s business model is comparable to those of Kargo in Indonesia, Solvento in Mexico, and Kobo 360 in Africa.

Less than 5% of trucking companies using Trukkr’s network have access to financial services, which results in frequent 90-day payment delays and prevents them from paying for costs like fuel, tolls, and truck maintenance.

The CEO and co-founder of Trukkr, Sheryar Bawany, told a source that the company planned to introduce financial products at a “fair risk-adjusted spread” from the benchmark Karachi Interbank Offered Rate (KIBOR).

About 20,000 drivers, according to co-founder Mishal Adamjee, work for 100 of the largest enterprises in the nation, including Shan Foods, Artistic Milliners, International Industries Limited, and Lucky Cement.

Despite a lack of adequate rail and water freight facilities, Adamjee said that Pakistan’s $35 billion per year trucking business is expanding at a 10% rate annually.

The Covid epidemic, according to investor Accion Venture Lab, demonstrated just how dependent the world is on international supply networks. It stated in the announcement, “We want to bet on a company attempting to address inefficiencies in a market packed with potential.”

The need for freight transportation is expected to quadruple by 2025 and expand six-fold to 600 billion freight tonnes-kilometres by 2050, notably when the China-Pakistan Economic Corridor comes online.

Truck It In, BridgeLinx and Freightix are three other freight trade businesses in Pakistan.

TAGGED: ADAMJEE, FINTECH PLATFORM, PAKISTAN STARTUP SECTOR, TRUKKR
By News Desk
The author is the news desk team.
Previous Article china China cautions US, suppression won’t make it great America
Next Article iran poisoning Iran announces first arrests over enigmatic poisoning of schoolgirls
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

More Latest News

us
More than anticipated, US firms added 311000 jobs in February
World Economy
After nearly 7 years
After nearly 7 years of antagonism, Middle Eastern adversaries, Iran and Saudi Arabia decided to resume ties
World Politics
sardar
Sardar Khetran awarded bail in triple homicide case involving Barkhan
Pakistan
Imran khan arrest
In connection with comments made against state institutions, BHC suspends Imran’s arrest warrants
Pakistan Politics
president xi jin ping
Xi wins a third term as president despite numerous obstacles
World Politics
Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
  • ٹائمز آف پاکستان اردو
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us

© 2002-2022 TIMES OF PAKISTAN (PRIVATE) LIMITED
This material may not be published, reproduced, broadcast, rewritten, or redistributed without permission.

Welcome Back!

Sign in to your account

Lost your password?