‘Digital road freight’ – Pakistan’s Truck It In startup raises $3 million in extended seed round

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KARACHI – Truck It In, a Karachi-based tech startup that aims at making freight movement efficient and improving the lives of truckers, has raised another $3 million in extended pre-seed round, taking total amount to $4.5 million.

The digital freight firm announced the development on twitter, stating: “The sustained support from its strategic partners promises meteoric expansion across Pakistan”.

In a press release, the company’s co-founder and chief executive officer (CEO), Mohammad Sarmad Farooq, said: “We’re at the very early stages of transforming a critical industry and aim to help over three million businesses save $1bn annually in supply chain inefficiencies.”

He said that the company aims to “streamline and digitise the country’s logistics sector to create a ripple effect on the economy”.

The extended seed round was led by Global Founders Capital, along with Fatima Gobi Ventures. They had also led the earlier round, according to the press release.

In addition, Picus Capital, a technology investment firm, and Zayn Capital also made investment this time.

“Truck It In has partnered with strategic investors that are helping it tap into their local supply chains and also leveraging their regional connections for the next growth phase,” the startup said in its press release.

The startup was launched in August 2020 connecting shippers and truckers through its digital platform. The company generates income by taking a cut from every completed trip.

Muhammad Sarmad Farooq, Raza Afzal, and Haider Navid are the founders of the startup. Before pioneering it they were associated with Careem where they developed various categories and functions.

Truck It In is currently providing services in Karachi, Lahore, Islamabad, and Faisalabad. Shippers can book various kinds of vehicles for transporting their consignments across the country through this platform.

Read more: https://pakobserver.net/pakistans-influencer-marketing-startup-walee-raises-2-7-million-in-seed-funding/

 

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