IFC invests $ 2.5 million in digital trucking platform Truck Lagbe

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The International Finance Corporation (IFC) to invest $ 2.5 million in digital trucking platform, Truck Lagbe, to connect individual and business customers with truck owners and drivers through an app and a website in Bangladesh.

IFC, a member of the World Bank Group and the world’s largest development institution, said today in a statement.

IFC has partnered with Truck Lagbe to help expand its services, modernize the logistics industry and maintain critical supply chains, especially for the delivery of food and essential items during Covid-19, has t -he declares.

Truck Lagbe’s services help support small and medium-sized enterprises (SMEs) and also support livelihoods during the Covid-19 pandemic.

Truck Lagbe is used to book short and long haul freight trips, with trucks of different sizes, in the 64 districts of Bangladesh. It is one of the largest electronic logistics hubs in Bangladesh, serving more than 43,000 unique shippers, with more than 20,000 registered trucks, the statement said.

By leveraging technology, the company matches demand and supply of freight services, provides price transparency, real-time tracking of shipments through GPS technology, and maximizes truck utilization, optimizing thus the efficiency of the logistics value chain, reducing greenhouse gas (GHG) emissions, he mentioned.

“As traditional methods became inaccessible during the COVID-19 pandemic, Truck Lagbe has become the go-to platform for thousands of small businesses and truck owners to hire trucks. This has helped them to continue their activity, ”said Anayet Rashid, Truck Lagbe co-cooperator. Founder and CEO.

“We are very happy to have IFC as a partner who has already invested in similar startups in other countries. This will help us to grow in every district of Bangladesh as well as provide various support services to enable everyone to emerge from fragmentation and disorganization. local market to our technology has driven the logistics platform, ”he said.

“It is crucial for Bangladesh, which aims to become a middle-income country in the next decade, to have an efficient transport infrastructure and logistics services, which not only further support the shipment of goods during the pandemic, but can also help with transport. exports to markets, ”said Nuzhat Anwar, IFC Acting Country Director for Bangladesh, Bhutan and Nepal.

“In addition to its funding, IFC is providing the company with knowledge and innovative support by leveraging knowledge from previous investments and will connect Truck Lagbe with more potential customers,” said Anwar.

The transportation and logistics services market in Bangladesh is worth $ 15 billion (PwC 2018), or 6.8 percent of gross domestic product GDP, IFC said in the statement.


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