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Trukker, a UAE start-up that provides an Uber-like service for trucks, is preparing for a potential listing as it aims to raise fresh funds to propel regional growth, its founder said.
“In a few years, maybe sooner than we expect, a listing on the Saudi Tadawul is likely,” Gaurav Biswas, the company’s founder and chief executive, told
The National.
“Trukker has most of the top regional and international funds as investors and we are working towards a strong equity raise in H1 2021 … to further concrete our regional dominance and expand into other markets, added Mr Biswas, who did not disclose further details related to the potential listing.
TruKKer raises $10 million venture debt from US-based Partners for Growth
UAE-based on-demand truck aggregator TruKKer, has raised a $10 million strategic venture debt from San Francisco-based specialty lending firm Partners for Growth (PFG). This marks the largest-ever venture-debt in the Middle East and North Africa region (Mena) tech history, as well as the first for PFG in the region.
Established in 2016, TruKKer claims to have a fleet of over 25,000 trucks and 500 B2B customers on its platform, including multinational consumer products companies. The newly-raised funds will be used to finance the working capital needs required for the instant payment of thousands of transporters operating on TruKKer’s network.