Bangladesh truck-booking firm hauls in $4m in series A round

Truck Lagbe, a Bangladesh-based truck-booking platform, has secured US$4 million in a series A round led by IDLC Venture Capital Fund I and the International Finance Corporation, a sister organization of the World Bank.

The round also saw participation from Millville Opportunities Master Fund, Shorooq Partners, Colopl Next, and TruFund I.

Truck Lagbe CEO Anayet Rashid (left) and chief operating officer Mir Hossain Ekram / Photo credit: Truck Lagbe

Founded in 2017, Truck Lagbe connects businesses with truck drivers and fleet owners through an app-based platform. To date, the startup has onboarded more than 80,000 truck owners and drivers to its platform.

The firm had previously raised an undisclosed sum in seed funding in a round led by Ravid Chowdhury, the former chief financial officer of Pathao, a Bangladeshi ride-hailing company.

Truck Lagbe also counts Betatron Venture Group, Seedstars, Mount Parker Ventures, Aria Group, Falcon Network, and Development Finance Asia among its early investors.

“Trucking is a huge market in any country. Everything around you was on a truck at some point, and often several times. If we can optimize logistics through technology, we can save billions of dollars for consumers and businesses, and increase earnings for drivers,” Truck Lagbe CEO and founder Anayet Rashid said in a statement.

The startup plans to use the new capital to expand its team, acquire drivers, increase its presence in new districts, and introduce value-added services.