Pakistan-based logistics tech startup Truck It In raises USD 13 million in a Seed round

Truck It In, a Pakistan-based logistics tech startup, has raised USD 13 million in a seed funding round co-led by Global Founders Capital and Fatima Gobi Ventures on 4 February 2022. With this round, the company has raised USD 17.5 million to date.

Investors: Venture capital firms Global Founders Capital and Fatima Gobi Ventures co-led the latest funding round with participation from Picus Capital, Mille Ville, Graph Ventures, Zayn Capital, MyAsiaVC, Reflect Ventures, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, Wamda and K3 Ventures.

The Objectives behind the funding: The company plans to deploy the current proceeds to expand its business, hire across all functions, double down on product development and increase its digital penetration in the market.

About Truck It In

Founded in 2020 by Haider Navid, Muhammad Sarmad Farooq and Raza Afzal, Truck It In is a logistics tech platform that aims to simplify road freight operations. Its platform connects shippers and truckers to provide access to a reliable fleet of trucks at competitive pricing while also receiving instant loads and assurance for back-haul loads, enabling the logistics industry to automate the delivery tracking process. In the previous year, the company has grown its revenue 37x, expanded into 100+ trade lanes and added 200 talents, said Muhammad Sarmad Farooq, CEO of Truck It In. Its platform offers efficient load-matching, freight booking, dispatching and delivery services that bring control, visibility and reporting to the road freight industry. The startup connects a fragmented supply market with efficient demand via its web portal and mobile apps.

What the Founder has to say:

Muhammad Sarmad Farooq, CEO of Truck It In, said, “This seed round comes at an opportune time, as the funds will be deployed to expand our business, driving hiring across all functions, focusing on engineers to help double down on product development and increase our digital penetration in the market. SMEs are reliant on mental notes and telephone calls to run their businesses. Truck It In is leading efforts to bring efficiencies here by building a platform to ensure that SMEs have the right tools and services to thrive today. We are looking to transform the experiences of shippers and truckers, heralding them into the digital future.”

What the Investor has to say:

Tito Costa, the 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.”

Ali Mukhtar, General Partner of FGV, said, ”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. With Sarmad and his team at the wheel, Pakistan’s SMEs are in pole position for a strong, sustainable, digital future.”

Kalsoom Lakhani, Co-Founder & GP at i2i Ventures, said, ”Pakistan’s trucking industry presents an enormous opportunity for innovation & disruption, and we have a deep conviction in the Truck it In team, who are tackling this head-on. We are impressed by their execution and honored to support them on their journey as their investors.”

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