Many entrepreneurs dream of their startups reaching a billion-dollar valuation, becoming unicorns, and ringing the Nasdaq bell. Moving aside a challenging year for venture-backed startups, TruKKer founder and CEO Gaurav Biswas says he's not one of them. "If we become a unicorn and if I ring the bell at Nasdaq, then yes, I would definitely love it. But no, I don't think like that," he says modestly.
However, the Saudi-headquartered freight network may become a public company in the next 24 to 36 months. "We are already very well-structured again because of the involvement of the kind of investors who came in earlier in our business," explains Biswas. "It gives us enough time right now to prepare the business from a public governance perspective, and that's what we'll be working on over the next few months." In February 2022, TruKKer secured $96 million in a Series B funding round, comprising a combination of equity and debt financing from investors, including Abu Dhabi's ADQ and Mubadala Investment Company. Seven months later, in September 2022, TruKKer raised $100 million in a pre-IPO Series C round led by Bahraini investment firm Investcorp, alongside new and existing investors, bringing its total funding to over $203 million. "In normal times, it is significant, and in current times I think it is super significant," says Biswas on getting that vote of confidence from investors amid current economic uncertainty. "If you see our revenue growth, it has always been quite measured in terms of what can be achieved. So, I think Investcorp to come in right now, for us as a private equity business very focused on an IPO, is the right time." Companies such as Uber and Airbnb have successfully built conglomerates on a global scale by making existing businesses-such as taxis and food delivery-mobile. TruKKer is among the Middle East's startups forging its own path in the market
by following the same concept for trucks. Today,
Denne historien er fra December 2022-utgaven av Forbes Middle East - English.
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Denne historien er fra December 2022-utgaven av Forbes Middle East - English.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
CONSCIOUS INVESTING
VentureSouq's cofounders and general partners, Suneel Gokhale, Sonia Gokhale, Tammer Qaddumi, and Sonia Weymuller, are actively reshaping the investment landscape. With $250 million in assets under management, the thematic fund manager is forging a distinct path, with a focus on fintech and climate tech.
VENTURING BEYOND CAPITAL
In just seven years, Shane Shin and Mahmoud Adi, Founding Partners of Shoroog Partners, have turned their startup into one of the Middle East’s biggest startup investors, with 500 million in assets under management. With ambitions far beyond venture capital, they’re now expanding further into credit markets and looking at where they can be pioneers.
ROCK STAR
WHAT IF THE REVOLUTIONARY TECHNIQUES DEVELOPED TO FRACK ROCKS FOR OIL COULD BE MODIFIED TO UNLOCK LIMITLESS CLEAN ENERGY FROM THE HEAT OF THE EARTH’S CRUST?
Breaking New Territory
Moroccan-Canadian singer and 30 Under 30 alumna Faouzia is having her biggest year yet and enjoying newfound fame in China. As her stardom rises, she’s now exploring new projects and possibilities.
5 Biggest MENA IPOs of 2024
This year has been pivotal for MENA, marked by a series of high-profile IPOs that drew interest from local and international investors. Here’s a look at the five biggest IPOs that defined 2024.
TOP VENTURE CAPITALISTS
MENA has emerged as a vibrant hub for innovation and entrepreneurship, fostering a dynamic landscape for startups.
Top Funding Rounds in MENA 2024
This year has seen some of MENA’s largest-ever funding rounds. Here’s a look at five standout deals. Only startups that were founded less than 10 years ago and had disclosed their funding rounds as of November 27, 2024, were considered.
Key Insights From MENA's Funding Landscape
MENA saw a mixed performance in the first nine months of 2024.
A Look Ahead: Travel Trends Shaping 2025
What will drive wanderlust in 2025? Here’s a look at the key travel trends set to dominate the year.
Codebreakers
Backed by 200 million in funding, 28-year-old SCOTT WU and his team of competitive coders at Cognition are building an Al tool that can program entirely on its own, potentially disintegrating the whole industry. Is its 2 billion valuation the result of a true breakthrough, or just more Al hype?
