Trukker, a UAE start up, that provides Uber-like services for lorries in the Middle East and North Africa, plans to enter six new markets and expand its presence to 10 markets by the end of 2021 as digital services demand for its logistics platform continues to grow.
The company, which claims to have the largest digital freight network in Mena , said it entered Bahrain, Jordan, Oman and Turkey. It currently operates in the UAE, Saudi Arabia, Egypt and Pakistan.
Trukker did not name the two markets it was planning to enter but said it is part of a larger expansion plan.
“With fundings from top-tier regional and international investors, we have every required resource to bring life to our dream of an open and fully automated freight world,” Gaurav Biswas, founder and chief executive of Trukker, said on Tuesday.
The freight logistics industry in the UAE is growing steadily, mainly driven by surging e-commerce sales across the region and growing international trade. It was valued at $19.65 billion in 2020 and is expected to grow at a compound annual rate of 8.41 per cent to hit $31.41bn in 2026, according to Mordor Intelligence.
The logistics sector is expected to contribute 8 per cent to the economy in 2021, up from last year’s 5.4 per cent, according to the UAE’s Federal Competitiveness and Statistics Authority.
Trukker, which was formed in 2016, said its overall strategy aims to “remediate the land freight scenario and unlock the potential locked away in these ripened markets due to lack of standardisation and reluctance towards technology adoption”.
Last month, the company acquired Pakistan’s TruckSher – its first deal in the land freight industry – as it seeks to expand its operations in the South Asian country and boost growth.
Trukker currently operates a fleet of more than 35,000 trucks, serves over 500 clients and manages more than 400,000 bookings manned by over 25,000 drivers.
The company is backed by prominent investors from Mena, including Saudi Arabia’s STV, Riyad Taqnia Fund and the World Bank’s International Finance Corporation. Partners for Growth, a Silicon Valley company, is also supporting the company.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
