Janardan Dalmia, founder and chief executive of Trukkin, sees a lot of potential in the MENAP region. Courtesy Trukkin
Janardan Dalmia, founder and chief executive of Trukkin, sees a lot of potential in the MENAP region. Courtesy Trukkin
Janardan Dalmia, founder and chief executive of Trukkin, sees a lot of potential in the MENAP region. Courtesy Trukkin
Janardan Dalmia, founder and chief executive of Trukkin, sees a lot of potential in the MENAP region. Courtesy Trukkin

Trukkin raises $7m to boost growth and tech infrastructure


Alkesh Sharma
  • English
  • Arabic

Trukkin, a UAE and Saudi Arabia-based logistics and supply chain start-up, raised 26 million Saudi rials ($7m) to expand its business further and invest in technology.

The initial funding round, or Series A as it is known, was led by Saudi Arabia-based Emkan Capital with the participation from Impact46 Seed Fund, Taya Group and other strategic investors.

“I am very proud of the team and the growth we have achieved over the course of the last year as we expanded into Pakistan and grew revenues despite the difficult environment presented by Covid,” said Janardan Dalmia, founder and chief executive of Trukkin.

“We are excited to close the round with strategic investors … it confirms our vision of creating a world-class regional aggregation platform to enable logistics for the shippers and transporters.”

Launched in 2017, Trukkin offers digital logistics solutions for long-haul trucking by operating on an asset-light model, which means it does not own the trucks it uses. Shippers can log onto the app or online platform to transport goods, before picking a chosen supplier from the bidders.

In 2019, it raised over $3.5m that helped the company expand its services across the GCC. Trukkin has grown three times since the start of the pandemic and entered Pakistan last year. Today, it serves more than 12 countries in the Middle East region.

The company “has exhibited incredibly efficient use of capital and we are very impressed with what they have been able to achieve in such a short time frame”, Ghassan Aloshban, general partner at Emkan Capital, said.

“We look forward to supporting Trukkin, in serving hundreds of corporate clients and individual shippers as they aggressively look for expansion and growth in reach, capability and business volume,” added Mr Aloshban.

Trukkin is also venturing into FinTech to provide solutions for payments, insurance and financial services, the company said. These solutions lay the groundwork for more financial inclusion for the unbanked and increase much needed transparency and efficiency for suppliers, it added.

The company sees enormous growth potential in the logistics industry in the Middle East North Africa and Pakistan region.

“The size of the market is considerable at $50 billion. Currently, local fragmented players dominate the market in the region, and we are working to be an enabler that brings this fragmented market together on an integrated platform,” said Mr Dalmia.

Start-ups in the Mena region secured $1.03bn in funding last year, up 13 per cent compared with 2019, according to data platform Magnitt. E-commerce start-ups, along with FinTech companies, received the bulk of the funding.

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Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

Racecard

6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m

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7.10pm: UAE Oaks – Group 3 (TB) $150,000 (D) 1,900m

7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m

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8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m

Take Me Apart

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(Warp)

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

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The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

RESULTS
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.