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Egypt-based trucking startup Trella is winding down its business in Pakistan due to macroeconomic turmoil in the country,Bloomberg reports, citing sources it says are close to the matter. The company stopped taking new orders last month, Bloomberg’s sources said, adding that it will retain some of its staff for its operations in Egypt, Saudi Arabia, and the UAE. The business information service did not disclose the exact size of the layoffs the move will entail. Trella representatives did not respond when Enterprise Logistics reached out for comment.
The rationale: The sources cited economic turmoil for Trella’s decision to discontinue its operations in the country, noting business there would be “unsustainable,” Bloomberg reports.
Background: Pakistan has been facing economic headwinds for years, and has seen multiple downgrades by rating agencies due to the delay in its IMF loan program. The country has also restricted imports due to an FX shortage, devalued its currency by a third of its value, and doubled fuel prices in the past year, all of which impacted the trucking sector in the country. Trella entered Pakistan in 2020, at the time citing its “high-performing and efficient” logistics industry.
It’s not just Trella: Other e-commerce and delivery startups have grappled with the economic headwinds hitting the country. Egyptian transport startup Swvl suspended its intra-city rides in the country last year, while Careem suspended its food delivery service due to economic instability. Homegrown e-commerce startup Airliftalso met its demise and went bust following covid-19 and the pressures of tech valuations.
About Trella: Founded in 2018, Trella is a B2B freight platform that connects shippers to carriers, allowing shippers to improve load utilization while providing transparency on pricing. The company allows carriers to track shipments and keeps an eye on transportation trends and performance through reports. Trella raised USD 42 mn in 2021 from investors including Maersk Growth, the corporate venture arm of AP Moller-Maersk. Aside from Pakistan, the startup operates in Egypt, Saudi Arabia, and the UAE.
