Truck It In has announced MENAP’s largest Pre-Seed funding round of $1.5 million to transform Pakistan’s road freight industry.
The round was led by Global Founders Capital, a global seed and growth investor, along with Fatima Gobi Ventures, one of the most active multi-national venture capital firms in Asia. Along with them are notable VCs and Angel investors who previously invested in global trucking marketplaces, as well as senior executives from Careem and the founders of autonomous vehicles leader Wayve.
Truck It In is a tech start-up focused on streamlining road freight for more than 3 million businesses in Pakistan. It was founded in late 2020 by Muhammad Sarmad Farooq, Raza Afzal, and Haider Navid.
Muhammad Sarmad Farooq was head-hunted by Careem while they were scaling their food delivery operations and were in the expansion phase. Sarmad joined Careem as their Head of Expansion for the Careem Food and built a successful venture, which delivered a gross merchandise value (GMV) north of $100 million. Sarmard’s efforts are the reason why Careem is the renowned brand for food delivery in Pakistan and not Uber Eats. He has more accolades under his belt. From leading the commercials for Last-Mile Delivery to setting up Amazon on a quick path to profitability, Sarmad has positioned himself as a coveted team member to have in a business.
Raza’s experience with delivery businesses comes from his position as Vice President of Growth at Bykea. He scaled user acquisition as part of his job there and brought in a $13 million funding in series B round. Like Sarmad, Raza has also worked with Careem. He expanded their operations in Islamabad and brought GMV worth $60 million. Other than delivery companies, Raza also led the media buying and placement for Telenor Pakistan with a mere budget of $8 million.
Haider Navid has also worked with Careem like his other two co-founders, but his line of work was around leading Product Market Fit (PMF) and Go to market (GTM) plans, which he also performed for Unilever. He led the commercial strategies for their Islamabad-based operations and brought about a transformation in Islamabad Supply Channels. He also launched commercial car types for Careem and managed to create a wide acceptance and adoption of the vehicles in the city. The highest category growth was achieved by Haider who brought in $25 million in annual turnover
The three co-founders have built high-performance teams and scaled products that have delivered exponential growth in ride-hailing, food, and last-mile deliveries for Careem and Bykea both in Pakistan and the MENA region.
Powered by a robust technology platform, an immensely talented team, and an insatiable hunger for growth, Truck It In is on a mission to help businesses scale and run efficiently by connecting them directly to a highly fragmented trucker’s market. This opportunity represents 10% of the GDP in Pakistan and the company aims to be the nexus of road freight in the country, helping businesses scale while improving the lives of its truckers.
Regarding the company’s ethos its CEO, Muhammad Sarmad Farooq said, “The current middlemen heavy industry relies on traditional calling and mental notes to match truckers with shippers. We are going to solve the supply chain inefficiencies in a $25 Billion market, that is growing faster than its regional peers, to help unlock more than $1 Billion for Pakistani businesses.”
Truck It In is another key investment by Global Founders Capital which is partnering with fast-growing companies with huge potential of transforming their industries. Tito Costa, the partner at Global Founders Capital, said, “We are excited to back the Truck It In team and kickstart their effort to digitize the trucking industry in the country, benefiting both shippers and truck drivers. There is an opportunity to transform the industry by driving efficiencies and cost savings through technology and Truck It In has the perfect team to execute on it.”
Fatima Gobi Ventures (FGV), a VC focused on backing promising early-stage Pakistani ventures is also excited to be playing a role in the development of such an impactful company, Ali Mukhtar of FGV remarked, “Having backed successful investments in this space in HK and Southeast Asia, we are excited to add our first trucking portfolio company in Pakistan. We believe the team is well-positioned to lead the disruption in the trucking sector and we look forward to joining the company in its journey, not just to solve challenging old-world logistics problems but also to add significant social value to the livelihood of individual and SME truck owners across the country.”
Ali also added that FGV’s participation will enable Truck It In to tap into the firm’s LP base, as they represent major industries in Pakistan with sizable shipping operations.
The funds raised in this round will be used to further Truck It In’s mission of solving complex supply chains and digitizing road freight. Truck It In has assembled the best team to seize the opportunity and is looking to onboard the best talent in the MENAP region.