Interview: Amit Agarwal, TruKKer’s Group Chief Financial Officer

10X People

Mita Srinivasan
10X People
Published:

Interview: Amit Agarwal, TruKKer’s Group Chief Financial Officer

Trukker raised $10M venture debt from US-based Partners for Growth. SME10X caught up with Amit Agarwal, TruKKer’s Group Chief Financial Officer to find out what venture debt was and why it was preferable to normal funding, why they had to go out of the Middle East for this.

In December 2020, Trukker raised $10M venture debt from US-based Partners for Growth (PFG). Founded in 2016, TruKKer raised $23 million the previous year in one of the largest Series A funding rounds in the region from some of the prominent regional and international investment funds. With a fleet of over 25,000 trucks and 500 B2B customers on their platform, the newly raised funds will be used to finance the working capital needs required for the instant payment of thousands of transporters operating on TruKKer’s network in United Arab Emirates, Saudi Arabia and Egypt.

This is the first transaction in the Middle East for PFG. According to PFG’s managing director, Jason Geogatos, “TruKKer offers a very interesting proposition for a debt fund to support a diverse and growing portfolio of debtors with a custom facility tailored to enable the company’s rapid expansion. We are excited about working with the TruKKer team to provide capital to help them scale their impressive platform harnessing the trend of increasing technological adoption to deliver efficiencies across the massive freight industry across the Middle East.”

The trucking industry employs thousands of entrepreneurs as owner-operator drivers across the world, with the Middle East especially seeing a significant increase in digital freight.