Logistics startup Trax has raised $3.7 million in seed funding from a consortium of strategic investors, a press release said on Friday.
The round was co-led by US-based Amaana Capital, making its second direct investment into Pakistan, and UAE-based Tricap Investments.
PNO Ventures committed to the round, as did angel investors, including Omer Ismail — CEO of One, a Walmart-backed fintech — and Silicon Valley tech entrepreneur Jahanzeb Sherwani.
The investment will be used to accelerate the growth of Trax’s logistics services and the introduction of new business verticals, such as fintech and technology solutions.
Launched in mid-2017, Trax has introduced logistics solutions that disrupt the extended payment cycles of legacy players. It has built the third-largest delivery network in Pakistan with access to 95 per cent of the population, served through over 100 warehouses, hubs, and retail centres nationwide.
IMC shuts plant
Indus Motor Company (IMC), the assembler of Toyota vehicles, has announced a complete shutdown of its production plant from March 24-27 due to insufficient parts and accessories. In a stock filing on Friday, IMC said the company and its vendors continue to face hurdles in importing raw materials and receiving clearance of their consignments from commercial banks on account of difficulties in opening letters of credit for raw materials.
