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Wednesday, September 28, 2022

Karachi-based Truck It In raises $13 million in seed money to fund expansion

Karachi-based trucking startup Truck It In has announced raising a $13 million seed round, which is by far the largest raised by a logistics startup in Pakistan.

The seed round was jointly led by venture capital firms Global Founders Capital and Fatima Gobi Ventures. The round also saw participation from Wamda, Picus Capital, Millville, Graph Ventures, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, and K3 Ventures, added the statement.

Last year, Truck It In closed its pre-seed funding at $4.5 million, after the company raised $3 million in September and $1.5 million in April. The latest round takes total raised capital to $17.5 million.

Muhammad Sarmad Farooq, CEO of Truck It In, said that the new funds will be utilised to hire workforce, primarily on the engineering side. “This seed round comes at an opportune time, as the funds will be deployed to expand our business,” Sarmad said. 

“We have set the fundamentals and core infrastructure and we know our path to sustain. We will expand our operations on that and double down on the path to scale,” said Sarmad Farooq.

According to a statement from the startup, in the past year, their revenue grew 37x. “The impact generated allows truckers to lead better economic lives while serving the country,” said the statement. 

Commenting on the round, Tito Costa, partner at Global Founders Capital, said, “The team at Truck It In is transforming the logistics industry in Pakistan at an unprecedented pace. We are honored to back them again to expand their coverage further and bring their solution to shippers and truckers across the country.”

“The pandemic has accelerated digital adoption among larger players, widening the gaps of the haves and have-nots in the logistics world. We believe Truck It In is key to closing this gap by making it easy for SME truckers to streamline operations and compete on a more level playing field while keeping costs competitive and serving as a vital lifeline for Pakistan’s thriving economy,” Ali Mukhtar, General Partner of FGV, said.

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