Bangladesh’s Largest Truck Booking Platform, Truck Lagbe Closes Series A+ Funding Round

Truck Lagbe Closes Series A+ Funding Round

Truck Lagbe, a renowned app-based online truck booking logistics platform, has successfully concluded its Series A+ financing round. This achievement establishes Truck Lagbe as a transformative force within the country’s trucking sector. The funding round was spearheaded by PSA International Pte Ltd (PSA), a global port operator and supply chain provider to cargo stakeholders, with additional participation from Startup Bangladesh Limited and IDLC Venture Capital Fund 1. With this infusion of capital, Truck Lagbe is poised to expand its platform, reach a wider audience, and revolutionize the transportation of goods by trucks, offering simplified and convenient solutions to businesses and consumers alike.

Since its establishment in 2017, Truck Lagbe has been at the forefront of the trucking industry, bridging the gap between truck owners and drivers, and customers seeking on-demand trucking services. The platform boasts an impressive registration of over 80,000 trucks and has played a pivotal role in meeting the transportation needs of numerous individuals and businesses across Bangladesh. By providing comprehensive trucking solutions, Truck Lagbe has enabled corporations and small and medium-sized enterprises (SMEs) to reduce their logistical expenses by up to 17%. Notably, the company’s corporate clientele spans various industries, including garments, consumer goods, and more, with the number of clients continuously growing.

Anayet Rashid, the CEO and founder of Truck Lagbe, expressed excitement about the partnership with PSA, highlighting how the funding will support the development of an efficient transportation infrastructure that will streamline logistics services in Bangladesh. Rashid emphasized the company’s long-term mission of integrating all aspects of trucking into a single platform, making a significant impact on the country’s transportation industry.

With the vision of achieving sustainable growth, Truck Lagbe aims to transform its business model by focusing on reducing empty truck movement and its associated environmental consequences. Through the introduction of new products and services, the company aims to save billions of dollars for consumers and businesses while also providing increased earning opportunities for truck owners and drivers. The involvement of PSA, renowned for its expertise in global supply chain efficiency, is considered vital in building a better trucking ecosystem in Bangladesh. PSA operates in 160 location of 42 countries, with flagship operation in Singapore and Antwerp. 

Mike Formoso, PSA International’s Regional Head of Partnerships & Sustainability Solutions for Middle East South Asia, expressed enthusiasm for leading the investment in Truck Lagbe’s Series A+ round. PSA recognizes the platform’s potential to enhance efficiency and sustainability in goods transportation throughout Bangladesh, particularly through the reduction of empty trips and associated emissions. PSA believes that Truck Lagbe can expand its offerings and uncover synergies with other players in the ports, logistics, and supply chain sector.

Sami Ahmed, the Managing Director of Startup Bangladesh, commended Truck Lagbe for its significant impact on the logistics sector, emphasizing the company’s immense promise within Bangladesh’s startup ecosystem. Ahmed stressed the importance of fostering a thriving startup culture, which enables innovative ventures like Truck Lagbe to flourish.

Prior to this financing round, Truck Lagbe secured a US$4 million Series A funding in 2021, led by the International Finance Corporation (IFC) and co-led by IDLC Venture Capital Fund I. With the additional investment from PSA, Startup Bangladesh Limited, and IDLC Venture Capital Fund I, Truck Lagbe is well-positioned for further growth within the trucking industry, working towards a sustainable future in transportation.

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