The privately held TruKKer Holding, which has a sizable digital freight network covering Saudi Arabia, the UAE, Egypt, and neighboring countries, has announced that Investcorp Saudi Pre-IPO Growth Fund LP led the pre-IPO round.
Investcorp is a global alternative investment business. The largest digital freight network in MENA with a dominant position across Saudi Arabia, the United Arab Emirates, Egypt, and neighboring countries, privately held TruKKer Holding Limited, was led by the Investcorp Saudi Pre-IPO Growth Fund LP, a leading global alternative investment firm, it was announced today by Investcorp. With a $51 million investment, Investcorp helped this round’s opening close get off the ground.
Investcorp led the initial close of the round with a $51m investment alongside new and existing investors. “Saudi Arabia is increasingly rich in highly investible companies, from fast-growing technology companies like TruKKer to long-established family businesses that have grown consistently and are now looking for capital to implement more aggressive expansion plans,” said Hazem Ben-Gacem, co-CEO of Investcorp. As scale-ups gain more market share and more Saudi businesses demonstrate their success on a national and regional level, we are seeing a lot of interest in pre-IPO rounds. As the Saudi ecosystem develops, we expect that companies like TruKKer will attract institutional investors, and our pre-IPO fund will concentrate on exactly these high-growth companies.
According to Walid Majdalani, Head of Private Equity MENA and Southeast Asia at Investcorp, “We are excited to add TruKKer to our portfolio and are keen to work with the founders of this regional champion to explore a possible market listing, as a continuation of our strategy and in line with our track record.” “TruKKer is in an excellent position to maintain its rapid expansion while lowering carbon emissions throughout its markets because of its proprietary technology. We are excited to work with TruKKer in partnership and to contribute our strategic and capital market capabilities, as well as our local and international expertise, to hasten the business’s next phase of growth.
“TruKKer is approaching a critical turning point in terms of expanding its network and market share. The business currently serves over 700 B2B enterprise clients and is on course to generate $200 million in revenue by 2022. The TruKKer team is happy to have nearly 10,000 drivers that rely on the TruKKer platform for more than 70% of their monthly revenue to realize its objective of making a good contribution to the community. Gaurav Biswas, the founder and CEO of TruKKer, said, “Our technology also allows us to optimize truckloads to cut down on empty miles and idle time, helping us accomplish our sustainability targets.” TruKKer is Investcorp’s seventh investment in Saudi Arabia since it established a committed presence there in 2008. Investcorp has had several successful public offerings on the Saudi Stock Exchange, including those for BinDawood Holdings, Theeb Rent A Car, Leejam Sports Company, and L’Azurde.
