Truck Lagbe, the largest e-logistics platform in Bangladesh, raised $4 million in Series A funding. This round of investment was led by IFC, and co-led by IDLC Venture Capital Fund I. Truck Lagbe, previously, also received an investment of $1.75m at their early stage with existing investors – Hong Kong based Mount Parker Ventures and Aria Group.
The company has over 80,000 registered truck owners and drivers on the platform serving thousands of customers daily. Truck Lagbe combines demand and supply for freight services, provides price transparency, uses GPS technology to track shipments in real-time, and maximizes truck utilization, reducing greenhouse gas (GHG) emissions across the logistics value chain. The company already has 5,000 enterprise customers and is estimated to provide transportation at an average 17% cheaper rate than conventional fares.
Truck Lagbe has previously been funded by Betatron Venture Group, Seedstars, Falcon Network, and Development Finance Asia at their different stages. With the vision to build a one-stop solution for the trucking industry where users can source trips through the platform, Truck Lagbe has managed to secure a total of $4 million investment to train drivers, develop technology, and expand the service across the country.