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Truckistan Technologies Secures Initial Funding, Sets Course for Technological Revolution in Less-Than-Truckload Sector
News provided byEIN Presswire
Sep 19, 2023, 10:34 AM ET
Pakistan-based tech-enabled LTL company raises nearly $1 million in seed round
Truckistan Technologies is a tech enabled less than truckload (LTL) company with current operations based in Pakistan.
LTL shipping takes place when B2B shippers want to ship goods by truck, but don’t have enough cargo to fill a full truckload. Truckistan has been operational since the start of the year and already boasts some of the top fashion retailers, pharmaceuticals, FMCGs and last mile logistics companies as its clientele. The company's mission is to reduce the inefficiencies existing in the LTL sector while improving the service quality and carbon footprint for its customers.
Truckay Technologies (www.truckay.com), the Holdco and the SAAS arm of the group provides tech solutions to international and local companies engaged in multiple deliveries per truck (including LTL operators, B2B retail servicing companies and the like). This video shows the breadth of tech solutions on offer: https://www.youtube.com/watch?v=7oQNozNJA1g
The funding round has garnered support from an impressive roster of investors including Reflect Ventures, Orbit Startups (SOSV), Mentor’s Fund, Sarmaycar, SAI ventures, Five Rivers Ventures and many distinguished angels (Carlos Cashman, Siddhartha Kongara, Amir Husain, Syed Sheharyar Ali, Abbas Yousafzai, Umair Khan, Yasser Bashir, Ali Zain, Arslan Choudhry, Javad Mushtaq and Sheharyar Ahmed).
"Truckistan is that rare combination of a strong team, sizable market opportunity, and a business model validated by early traction, that all early stage investors seek. By focusing on the LTL (less than truckload) segment with its higher gross margins, Truckistan has the potential to scale in a highly capital efficient way. Mentors Fund is therefore excited to back Truckistan and join hands with a celebrated tech entrepreneur in Zafar Khan and an accomplished logistics veteran in Abid Butt”, said Umair Khan, General Partner—Mentors Fund.
The company is co-founded Abid Butt and Zafar Khan, both industry veterans with over 25 years of experience in logistics and technology and a few exits under their belt. “Our technological advantage has allowed us to establish a significant cost benefit over competitors and enabled us to offer a better service to our customers. This round of investment will further fuel our growth and refine our services,” commented Abid Butt, CEO of Truckistan Technologies.
The operation system for less than truckload players
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