Truck It In, which launched in August 2020 with the goal of making freight transit more efficient by linking truckers and shippers via an online platform, announced that it is “recalibrating its approach,” which means some staff will “go on to solve other challenges.”
It did not clarify how many employees will be affected, but it did say in a statement on June 1 that it plans to offer generous severance compensation and assist with alternative employment options.
The Karachi-based firm earned $13 million in preliminary capital just four months ago, making it the largest seed round for a logistics startup in the Middle East and North Africa (MENA) area as well as Pakistan. The latest round brought the total amount raised to $17.5 million.
According to the company’s latest statement, it has improved and optimised logistics for over 600 businesses and digitised thousands of truckers across Pakistan, and it remains committed to serving Pakistan’s shippers and truckers in a “leaner way, ensuring that we create value for all of our stakeholders and charting our independent path forward.”
It plans to do so by focusing on long-term growth, reducing its operational footprint, and streamlining its infrastructure, according to the company.