Trukker (IFC-42516)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 28, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
TRUKKER HOLDING LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2019

Disclosed by Bank May 23, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, IFC is considering an equity investment of up to US$ 3 million in TruKKer Holding Limited. The use of proceeds will predominantly target growth and market expansion. The project entails a proposed equity investment in TruKKer for an amount of up to $5 million.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC is considering an equity investment of upto US$ 5 million in TruKKer.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

TruKKer is a long-haul e-logistics B2B platform utilizing an “Uber for trucks” model to develop a marketplace matching cargo owners with long-haul freight needs and truck drivers who are able to service them, both domestically and cross-border. 

TruKKer was established in 2016 operating out of the UAE and India as a B2C service focusing on consumer household moving needs. During 2018 it has shifted to B2B (both domestic last mile and cross border) while providing long-haul services across UAE, Oman, Saudi Arabia, Egypt, Bahrain, Kuwait and Jordan. At present, TruKKer operates out of the UAE (domestic) but is also launching domestic services in Saudi Arabia, and will soon follow with Egypt. To date, the company has onboarded 4,500 trucks on its platform, serving 150+ corporate clients across the Gulf Cooperation Council (GCC) completing over 1,500 loads per month. The company’s top sectors it services include petrochemicals, steel, copper and fast-moving consumer goods (FMCG) across the GCC.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

TruKKer Holding Limited 
Gaurav Biswas 
Chief Executive Officer 
+971-600-524642 
Gaurav.biswas@trukker.com 
One Lake Plaza, Jumeirah Lake Tower, Dubai, Office 204 
www.trukker.com 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works