Truck It In is a local tech start-up that is emphasizing on streamlining road freight for over three million businesses operating in the country. This company has begun operations back in 2020 with a primary focus on attaining more than $1bn for Pakistani businesses via its trucking platform. The funds which will be raised by the company will be utilized by the company to solve complex supply chains and digitize road freight.
According to the spokesperson of the company,
We are going to solve the supply chain inefficiencies in a $25bn market, which is growing faster than its regional peers, to help unlock more than $1bn for Pakistani businesses.
A Local Startup ‘Truck It In’ Raises Another $3M in Pre-Seed Round
Yesterday, the platform announced that it has raised another $3 million in an extended pre-seed round, taking the total tally to $4.5m. Primarily, the funds will be utilized to digitize Pakistan’s logistics sector.
According to a press release, it was the “largest pre-seed round in the regional trucking sector”. The funding will be utilized to expand the services of Truck It In countrywide and make it the largest ever trucking platform in Pakistan.
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.
Furthermore, he said that the Truck it In long-term ambition was to “streamline and digitize the country’s logistics sector to create a ripple effect on the economy”.
According to a report, the extended round was mainly led by Global Founders Capital, a renowned global seed and growth investor, along with Fatima Gobi Ventures, one of the most active multi-national venture capital firms in Asia. Moreover, Picus Capital, an early-stage technology investment company, and Zayn Capital also joined the round this time. In another press release, the platform said,
Truck It In has partnered with strategic investors that are helping it tap into its local supply chains and also leveraging its regional connections for the next growth phase.