IFC mulls $3m investment in Dubai-based logistics startup TruKKer
Summary
International Finance Corporation (IFC), a member of the World Bank Group, is considering an equity investment of up to $3 million in Dubai-based logistics startup TruKKer. Modelled as an ‘Uber for trucks’ platform, TruKKer is a long-haul e-logistics B2B startup that matches cargo owners with long-haul freight needs and truck drivers who are able to service them, both domestically and cross-border. Through its internally-developed digital platform, TruKKer is “disrupting the transportation and logistics market in the Middle East offering a strong value proposition to key stakeholders in the sector”, IFC said. Founded by CEO Gaurav Biswav and CTO Pradeep Mallavarapu, Trukker raised a $2.7-million pre-Series A round led by OTF Jasoor Ventures in 2018. The proposal comes on the heel of similar funding for Colombia-based logistics startup Liftit, which raised $14.3 million in February in a round co-led by IFC.