TruKKer, MENA and Central Asia’s digital freight network, raised $100 million in a Series C round led by Investcorp. The round also witnessed participation from Riyad Valley Capital, Reliance Group, and March Holding, with a follow-on investment by Mubadala Investment Company.
The company intends to utilize the recent funds to stimulate growth and democratize access to new-age trucking by penetrating deeper into the new and existing markets.
“With this additional infusion of growth capital, we look forward to creating significant value for all our investors and all stakeholders alike. We will continue to scale our business and expand the TruKKer digital freight network to attractive new geographies and execute on business plans, technology enhancements and look for accretive add-on acquisitions,” Amit Agarwal, TruKKer’s CFO, said.
TruKKer also stated this may be their last private funding round as they plan to list on the public market in the next two years. Investcorp invested $51M in this round in the first commitment to TruKKer’s $500M pre-IPO fund.
“We are seeing a lot of interest in pre-IPO rounds as scale-ups secure greater market share and more and more growing Saudi businesses prove themselves on a national and regional basis. TruKKer is just one example of the kind of company that will prove very attractive to institutional investors as the Saudi ecosystem matures, and our Pre-IPO fund will focus on exactly these kinds of high-growth businesses,” Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp, said.