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Truck Lagbe Set to Receive $3m Investment
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Truck Lagbe Set to Receive $3m Investment 

Truck Lagbe is an online-based platform that provides trucks for hire. The World Bank is known to help out financially to promising startups. The division of the world bank which oversees the investment in private firms is set to grant Truck Lagbe a $3 million investment. 

truck lagbe

Truck Lagbe Set to Receive $3m Investment

The funding from the IFC (International Finance Corporation) has decided to invest $3m in the digital platform Truck Lagbe Inc which may sum up to more than BDT 25 Crore. IFC has previously provided investment capital to startups like- bKash ($10 million ), Chaldal ($3 million), etc. and now they are in talks to invest in Truck Lagbe. The deal is yet to be finalized.

This investment is meant to fuel the development of the business to expand in the domestic market. The IFC disclosed on February 1,

Truck Lagbe is in the process of raising Series A financing of $5 million. IFC is proposing an equity investment into the company of up to $3 million.”

The co-founder and CEO of Truck Lagbe Inc, Anayet Rashid, stated,

“Such investments required scrutiny of the company, and the IFC and a local venture capital investor had already done that, no deal has been finalized yet.”

Truck Lagbe Inc initially received major seed capital of around $1.75 million from Mount Parker Ventures, which is an Asian application-based platform for delivery, and Aria Group, which is another delivery platform that has expanded over Asia and America. The startup became more popular after it won the Bangladesh Brand Forum Best Technology Innovation Award back in 2018.

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The platform has a huge number of unique users, with almost 50 thousand vehicles registered for their platform. Over 5 thousand businesses are valid customers of Truck Lagbe according to the CEO. They have their rival startups- Truck Kothay and Shohoz Truck competing and trying to keep up.

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