Abu Dhabi-based TruKKer has secured up to $300 million to help grow its trucking and digital logistics business.
The funding from Abu Dhabi Commercial Bank is tied to money TruKKer is owed by customers for completed deliveries and will be used to expand its network of transport operators and technology platform.
The financial terms were not disclosed.
“This transaction gives us access to working capital at benchmark pricing and marks an important step in the evolution of our capital strategy,” founder and CEO Gaurav Biswas said in a statement.
Biswas told AGBI earlier this month that as a result of the Iran conflict, the company was seeing a shift towards more diversified supply chains that reduce reliance on the Strait of Hormuz as a single chokepoint.
Established almost a decade ago, TruKKer operates in seven countries and connects owners of tens of thousands of trucks with more than 1,200 corporations, from Pepsi and Borouge, the Abu Dhabi-based petrochemical company, to small and medium-sized enterprises.
TruKKer equity investors include several regional and international institutional funds and VCs, including the International Finance Corporation, Mubadala, ADQ, Saudi Technology Ventures and Investcorp.
Further reading:
- Maersk faces $500m in monthly extra costs on higher oil prices
- Saudi Arabia’s crisis playbook keeps Gulf trade moving
- Beyond Hormuz: how war is reshaping supply chains
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