TrucksUp raises $8.2 million in growth funding
The funding will support technology upgrades, talent expansion, engineering, working capital and the company’s fleet solutions.
Sarthak Shah Elwadhi, Co-founder of TrucksUp
TrucksUp, an AI-driven freight marketplace, has raised $8.2 million in its latest growth financing round, taking its post-raised enterprise valuation to $42.3 million.
The round saw participation from institutional investors, leading family offices and TrucksUp co-founders Sarthak Shah Elwadhi and Aviraj Singh Chadha, who also co-invested to increase their long-term equity holding in the company. Monarch Networth Capital acted as the exclusive transaction advisor for the round.
TrucksUp will use the fresh funds to strengthen its core technology, expand its talent pool, accelerate engineering and deep-tech innovation, meet working capital requirements and support general corporate purposes.
The company plans to strengthen its product engineering and data science teams and attract talent across key business functions. It also aims to improve its intelligent freight-matching engine to increase asset utilisation and reduce empty trips across key national freight corridors.
In line with India’s National Logistics Policy, TrucksUp is focusing on bringing small and medium enterprises (SMEs) onto its digital network. The platform provides enterprise shippers with access to automated freight discovery and predictive telematics tracking, helping commercial shippers and vehicle owners manage daily transport requirements.
TrucksUp also offers vehicle lifecycle solutions for drivers and fleet operators, including FASTag tolling, GPS telematics and online vehicle health tracking.
Through its used-vehicle programme, Truckshub, the company helps commercial drivers move towards becoming independent fleet owners by supporting vehicle procurement, asset financing and freight routing.
Sarthak Shah Elwadhi, Co-founder of TrucksUp, said the company was focused on addressing operational challenges faced by truck drivers and fleet operators, including unoptimised routes and empty return trips.
He said the new funding would help the company strengthen its technology, improve asset discovery and vehicle turnaround times, and provide transport operators with better visibility into their daily operations.
