On-demand freight portal TruKKer nets $100m in latest round, takes in Bahrain’s Investcorp

On-demand freight portal TruKKer nets $100m in latest round, takes in Bahrain’s Investcorp

Dubai: The on-demand freight portal TruKKer, based in Saudi Arabia, has hit a sweet spot with its latest funding, bringing on board Bahrain-based Investcorp. The round raised $100 million, with other investments being provided by Saudi Arabia’s Riyad Valley Capital, Egypt's Reliance Group and Iraq-based March Holding. There was also a follow-on investment by Abu Dhabi’s Mubadala. "It is a significant achievement for the organization and its leadership to have closed a late-stage venture round in the current climate in the region,” said Gaurav Biswas, founder and CEO of TruKKer. “Speaks a lot about the strong fundamentals of the business and its solid growth path." Earlier rounds had brought in another Abu Dhabi heavyweight, ADQ, and there were also entries for STV and RTF. TruKKer also tapped 'venture debt', raised from Partners for Growth and followed by a recent raise from Mars Growth. The latest financing follows a series of ‘technology upgrades, expansions, and growth across TruKKer's home markets’ and new ones in Turkey and the CIS. The funds will be used to ‘democratize access to new-age trucking’ by going deeper into new and existing markets. TruKKer expects to turn cashflow positive next year, by which time the company would