UAE's Yango Group invests in fintech company Trukkr by purchasing a portion of its shares, entering the Pakistan startup market.
UAE's Yango Group Invests in Pakistani Fintech Platform Trukkr
In a significant move, UAE-based tech company Yango Group has made its first investment in Pakistan through its $20 million venture arm, Yango Ventures. The investment is in Trukkr, a Pakistani fintech platform digitizing logistics financial services.
Trukkr, which already digitizes operations for over 20,000 drivers and 100 enterprise clients, aims to use the investment to expand within Pakistan's $35 billion logistics sector. The funds will also be used to enhance its proprietary credit-scoring technology, Prism, and improve financial access for thousands of unbanked trucking businesses.
The investment marks Yango's entry into the Pakistani startup ecosystem and underscores their commitment to supporting digital growth across their markets. Daniil Shuleyko, CEO of Yango Group, expressed support for Trukkr's local innovation and transformation of Pakistan's logistics sector.
Trukkr's mission is to drive efficiency for all stakeholders across the logistics spectrum. The company's Software-as-a-Service (SaaS) solutions come with embedded finance capabilities, making it an attractive investment for Yango Ventures.
The investment reflects Yango's commitment to supporting long-term digital growth across its markets. Yango Group, known for its expertise in ride-hailing, e-commerce, fintech, and artificial intelligence (AI), will support Trukkr with product expertise and insights from over 30 global markets.
Sheryar Bawany, Trukkr's CEO, expressed excitement about partnering with Yango Group. He emphasized that Yango’s expertise in logistics technology will help solidify the company’s position while expanding its services.
This strategic equity investment and expertise in building state-of-the-art logistics tech come at an opportune time for Trukkr. The company raised $6.4 million in a funding round in 2023 and holds a Non-Banking Finance Company (NBFC) license from Pakistan's Securities and Exchange Commission to offer working capital and fleet financing.
With the support from Yango, Trukkr is poised to scale faster and build stronger foundations for growth. The investment aims to help Trukkr expand its operations, strengthen its credit-scoring tools, and improve access to financial services for trucking businesses in Pakistan.
In summary, Trukkr is currently scaling up its operations and financial product suite with backing from Yango Ventures, focusing on deepening financial inclusion for Pakistan's trucking sector and advancing digital transformation in logistics markets.
- The investment by Yango Group's venture arm, Yango Ventures, into the Pakistani fintech platform Trukkr will be used to enhance Prism, Trukkr's proprietary credit-scoring technology.
- Yango Group, renowned for its expertise in ride-hailing, e-commerce, fintech, and artificial intelligence (AI), will support Trukkr with product expertise and insights from over 30 global markets.
- With the support from Yango, Trukkr is poised to scale faster, aiming to expand its operations, strengthen its credit-scoring tools, and improve access to financial services for trucking businesses in Pakistan.
- The entry of Yango Group into the Pakistani startup ecosystem through their investment in Trukkr underscores their commitment to supporting digital growth across their markets, particularly in the finance and technology sectors.
