Apps and services inclined to provide booked trips for vehicles continue to become familiar around the world. Now, Trukker, a startup from the United Arab Emirates (UAE) may potentially see more funding for their app which offers services just the same as the likes of Uber, but for trucks.
The company which was founded in 2016 tends to launch a new fundraising round which is currently set for the early parts of the next year. They may also see a possible listing of their own company name to their regional stock exchange, which is a significant leap on the overall financial and funding aspect of their company to continue the operations of their app and services.
Trukker's Past and Present Ventures
Trukker Founder and Chief Executive Officer (CEO) Gaurav Biswas mentioned in an interview that it would be somehow difficult and hard to keep their company private, because of the given and projected potential size of the market it belongs to. He added that a potential listing perhaps by Trukker to countries like the Saudi Arabia could be one possibility, or moreover, a global consolidation may be another option.
Last year, the company entered a Series A funding round wherein they secured an amount of 23 million USD in what was labeled one of the largest funding rounds in the said region. It was facilitated and spearheaded by Saudi Technology Ventures or STV, one of Saudi's largest venture capital funds in which they already reached an amount of 500 million USD in market cap size.
STV was also involved on various ventures before last year's round for Trukker. They have already invested in fellow UAE-based company Careem which offers ride-hailing services which was eventually acquired by the Uber Technologies Inc. for an enormous price of 3.1 billion USD.
Their past deal drew recognition from both the regional and international market and industry, where various venture capital firms has shown firm appreciation and interest in funding startup companies based in the Middle East. It was said that this rise to the occasion of the Middle East startups has greatly emerged due to the rapid adoption and incorporation of mobile technologies all over the region.
Trukker Through the Years
The Trukker CEO also said that in the coming three years, he is projecting that the company would already be an "Ebitda positive, dividend generating company." Ebitda is the term in which it refers to a critical measure inclined with the aspect a company or business' profitability which are called earnings before interest, tax, depreciation, and amortization.
On the other hand, the company also had another deal in which they agreed upon and signed. It was a 10 million USD deal with partners that are currently based in the Silicon Valley in the US. It was a move that may signify and solidify the venture debt which could finance the company's deliverables in time, and to seek growth for the company at the same time.