Truck Lagbe, one of Bangladesh’s largest truck-booking logistics platforms, announced the closing of its Series A+ financing round. The financing round was led by the global port operator and supply chain provider PSA International Pte Ltd (PSA), with additional participation from Startup Bangladesh Limited and IDLC Venture Capital Fund I. The funding will help Truck Lagbe to continue to scale its platform, expand its reach, help more businesses and consumers to benefit from its unique transportation solutions, and fulfill its goal of making the transportation of light to heavy goods by trucks simpler and more convenient for everyone.
Truck Lagbe is a truck booking logistics platform that connects truck owners/drivers with consumers to efficiently provide their desired on-demand trucking needs. It has been a pioneer in the trucking industry since 2017, with over 80,000 registered trucks on its platform, catering to the transportation needs of thousands of people across Bangladesh. Many corporates and small and medium-sized enterprises (SMEs) rely on Truck Lagbe’s services to ensure the smooth operation of their supply chain. Its comprehensive trucking solution has helped many of these businesses to reduce their logistical expenses by up to 17%. Truck Lagbe’s corporate clients vary from importers and exporters of garments to consumer goods, and the number continues to grow rapidly. Truck Lagbe is now at the forefront of Bangladesh’s transportation industry, committed to innovating and improving its platform so that more businesses can benefit from its service offerings.
“We are thrilled to have PSA, the leading global port operator and supply chain provider, as our partner. We are optimistic that this funding will enable us in building the most efficient transportation infrastructure which will help streamline logistics services in the country. As our long-term mission is to integrate everything related to trucking in one place, we believe we can make a big difference in Bangladesh's transportation industry,” said Truck Lagbe CEO and founder Anayet Rashid.
“Our goal for the upcoming years is to transform our business model to achieve sustainable growth, which will reduce empty truck movement and the environmental consequences. Moreover, by introducing more products and services, we will be able to save billions of dollars for consumers and businesses. We are also helping truck owners and drivers to get more trips and significantly boost their earnings. PSA's investment is essential to make this happen because PSA has a vast experience with other countries around the globe in providing supply chain efficiency and growth. We strongly believe that their investment and extensive expertise will help us in building a better trucking ecosystem in Bangladesh,” said Rashid.
“PSA is excited to lead the investment for this Series A+ round in Truck Lagbe. The platform’s ability to enable greater efficiency and sustainability in the transportation of goods around Bangladesh is complementary to PSA’s focus on enhancing logistics and supply chain ecosystems for sustainable trade. Truck Lagbe offers the ability to simplify the matching of trucking demand and supply, thereby reducing empty trips and the resultant emissions. We believe the platform will be able to expand its offerings and uncover new synergies with other players in the ports, logistics and supply chain sector,” said Mike Formoso, Regional Head of Partnerships & Sustainability Solutions for Middle East South Asia, PSA International.
“Bangladesh is an emerging market with limitless potential and PSA is proud to be alongside in the country’s development. As we continue to work with the Bangladesh government to develop the transformational Bay Terminal project, PSA is concurrently exploring other logistics and supply chain opportunities: this investment into Truck Lagbe forms part of our integrated approach towards enhancing Bangladesh’s logistics ecosystem,” he added.
“Our mission is to foster a thriving startup ecosystem in Bangladesh, where innovative ventures can flourish. Truck Lagbe, with its significant impact on the logistics sector, holds immense promise. With the right strategy and unwavering dedication, Truck Lagbe has the potential to become a shining example of a successful and profitable startup within our ecosystem,” said Sami Ahmed, Managing Director, Startup Bangladesh.
In 2021 Truck Lagbe secured a US$4 million Series A financing round that was led by the International Finance Corporation (IFC) and co-led by IDLC Venture Capital Fund I. With this additional funding from PSA, Startup Bangladesh Limited, and IDLC Venture Capital Fund I, the company is now poised for further growth in the trucking industry and aiming to build a sustainable future through transportation.