TrucksUp Raises $8.2 Mn at $42.3 Mn Valuation to Scale AI-Driven Freight Platform
TrucksUp operates an AI-driven digital freight marketplace connecting truck owners, fleet operators and drivers with businesses looking to move goods.
Gurugram-based logistics technology platform TrucksUp has raised $8.2 million in a growth funding round at a post-money valuation of $42.3 million.
The round saw participation from institutional investors and family offices, along with co-founders Sarthak Shah Elwadhi and Aviraj Singh Chadha, who also increased their stake in the company.
TrucksUp will use the fresh capital to strengthen its core technology infrastructure, expand its product engineering and data science teams, improve its intelligent freight-matching engine and support working capital and general corporate requirements.
Founded in 2022 by Sarthak Shah Elwadhi and Aviraj Singh Chadha, TrucksUp operates an AI-driven digital freight marketplace connecting truck owners, fleet operators and drivers with businesses looking to move goods.
The platform uses AI-enabled algorithms to match available trucks with verified freight loads in real time, with the aim of reducing waiting periods for return loads and improving vehicle utilisation. It also provides GPS-based tracking, digital documentation and shipment monitoring through a unified dashboard.
Beyond freight matching, TrucksUp provides services across the commercial-vehicle ecosystem, including FASTag solutions, fuel programmes, insurance support and vehicle financing. The platform also facilitates the purchase and sale of new and pre-owned commercial vehicles.
The company has also developed initiatives focused on truck-driver safety and welfare. These include health check-up programmes and its association with Indian Oil Corporation’s Apna Ghar initiative, a government-backed programme aimed at providing truck drivers with safer rest facilities, clean washrooms and other basic amenities along highways. The first facility under the partnership was reported to be operational at Baghola in Haryana.
TrucksUp has also partnered with the National Highways Authority of India (NHAI) and Indian Highways Management Company Ltd (IHMCL) to support driver feedback and provide road-related updates through its platform.
The company has further entered into a strategic alliance aimed at improving vehicle financing and access to capital for transporters and fleet operators in Tier 2 and Tier 3 cities, expanding the financial services available to participants in the road-transport ecosystem.
TrucksUp operates as a step-down subsidiary of listed logistics company Ritco Logistics, which disclosed the ₹78.26 crore capital raise in a recent corporate filing. Ritco said the funds would be used to strengthen technology infrastructure, expand product engineering and data science capabilities, accelerate the freight-matching engine and meet working-capital and general corporate requirements.