Trukker (IFC-42516)

Regions
  • Middle East and North Africa
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 28, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
TRUKKER HOLDING LIMITED
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2019

Disclosed by Bank May 23, 2019


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Project 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
  • International Finance Corporation (IFC)

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

Private Actors
Private Actors Description

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

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/