Saudi Arabia’s Citizen Account Program deposits SR1.9 billion for June

RIYADH: Saudi investors led the latest $7 million in funding announced this week by logistics and supply chain startup Trukkin.

The Series A funding round was led by Saudi venture capital firm Emkan Capital, with participation from Impact46 Seed Fund, Taya Group and other strategic investors, the company said in a statement.

Trukkin, founded in 2017 by former Barclays banker Janardan Dalmia, is a platform that digitizes the process of matching shippers with truckers.

Commenting on the company’s growth in Saudi Arabia and its future plans, Dalmia told Arab News: “If you look at the road transport market in the Gulf region, it’s a $25 billion market. Saudi Arabia alone is 40 percent of that, which is about $9 billion to $10 billion. Saudi Arabia remains a major attractive opportunity in terms of reorganizing land freight.”

The company is active across the eastern region of Dammam, western Jeddah and central Riyadh, and covers almost 100 locations across the Kingdom.

“We have a strong operations team and have been present there for the past three years. We are very much aligned with Saudi Vision 2030 and will be investing significantly in beefing up the team there, potentially hiring a lot of locals, developing and nurturing local talent, both in terms of technology and operations and increasing the bases in Riyadh and Jeddah,” Dalmia said.

Trukkin expanded into Pakistan in 2020, increasing the number of countries it currently operates in to 12.

Ghassan Aloshban, general partner at Emkan Capital, said: “Trukkin 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. Its core team has showcased their expertise in not only navigating but also driving growth during the pandemic.”

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