StageSeed - II | Alive
Last Raised$150K | 10 mos ago
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Research containing Lorryz
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CB Insights Intelligence Analysts have mentioned Lorryz in 1 CB Insights research brief, most recently on Nov 16, 2021.
Expert Collections containing Lorryz
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Lorryz is included in 1 Expert Collection, including Supply Chain & Logistics Tech.
Supply Chain & Logistics Tech
Companies offering technology-driven solutions that serve the supply chain & logistics space (e.g. shipping, inventory mgmt, last mile, trucking).
Latest Lorryz News
May 24, 2021
Transport ecosystem in the freight industry of Pakistan is taking new turns in digitalization to enhance efficiency as a freight tech startup, “Lorryz” emerges to be a paramount change. Why is that a big deal? Because it extends to expanding eco-friendliness through reducing carbon emissions as currently, the environmental degradation in the country is tremendous. Although the country’s transportation industry has been growing at a CAGR of over 18% since 2017 and is valued at over $35 billion according to World Bank, inefficiencies in Pakistan’s generally unorganized transportation (and logistics) sector cost it’s economy nearly PKR 500 billion (about $3 billion) every year. This is where digital freight startups like Lorryz come in, led by a diversified team of core logisticians, venture builders, and techies who have local market knowledge with international exposure of more than 25 years in intermodal logistics and land transportation, After gaining rapid success in the UAE, Lorryz was launched in Pakistan last year during the pandemic with an aim to digitize the transportation industry which contributes 3% to Pakistan’s overall GDP. “Every 1,000 kilometers driven creates 1,048 kg of carbon emissions whilst 35% of total miles are driven empty. Lorryz is going green and creating a positive environmental impact by reducing empty backhaul miles by matching the demand with supply. It is not only saving time and cost for customers but also increasing earnings for truckers. Status quo was the biggest challenge at the start but eventually reaped the first-mover advantage. This encouraged a few other overseas and local start-ups in the same space to follow in the footsteps with more job creation and investments pouring into the country to flourish the digital startup ecosystem”, shares Capt. Adnan Ahmed, CEO at Lorryz. “He further explained that the startup plans to make its platform more robust before expanding to niche global markets like East Africa and Iraq where barriers of entry are high.” Lorryz efficient operations backed by a strong and innovative online digital platform that is accessible via smartphones and the web helped Lorryz to grow by 10 times in revenues and 8 times in volumes over its first starting quarter. The Lorryz mobile app offers real-time tracking and instant pricing with operational dashboard reports for both truckers and cargo owners. With more than 10,000 registered trucks in its network and 70 plus shipments delivered each day to over a hundred B2B clients. Pakistan’s Lorryz Team The company credits its success to the four strategic priorities that serve as a cornerstone to its business strategy. Customer care, flexibility, innovation, and learning are key elements of how they run the business. Customers are their foremost priority, whom Lorryz values highly and makes sure to meet the expectations by providing value-added services. Next comes their ability to adapt to the changing market needs through constant innovation and product customization. “The opportunity is immense and lies around all the supply chain channels which include manufacturing, retail, wholesale, distribution, warehousing, and disposal activities, CPEC further opens the doors to countless opportunities. We have a vision of becoming the largest digital logistics platform globally and providing services through meaningful technological disruptions in the cargo space,” shares Sohaib Butt, VP Business at Lorryz. He further adds, “Our purpose is to increase Lorryz serviceable market over the course of the next few years by increasing its geographical footprints across all major industrial hubs of Pakistan.” It’s a good sign that tech entrepreneurs are now identifying age-old gaps in the freight business and bringing innovative solutions to bridge them. Besides Lorryz, there are a few other entrants in the same space and it would be interesting to watch who will dominate the market, however, one with the right experience and execution will stand out.
Lorryz Frequently Asked Questions (FAQ)
When was Lorryz founded?
Lorryz was founded in 2019.
Where is Lorryz's headquarters?
Lorryz's headquarters is located at Dubai.
What is Lorryz's latest funding round?
Lorryz's latest funding round is Seed - II.
How much did Lorryz raise?
Lorryz raised a total of $1.55M.
Who are the investors of Lorryz?
Investors of Lorryz include SOSV, Chinaccelerator, Emirates Investment & Development Company P.S.C. and i-Cell Telecom.
Who are Lorryz's competitors?
Competitors of Lorryz include Trukkin and 1 more.
Compare Lorryz to Competitors
Truck It In, a tech startup focused on streamlining road freight for more than 3 million businesses in Pakistan.
Trella is a B2B trucking marketplace. It helps shippers to improve load utilization and offers transparent pricing as well as helps carriers by connecting them with shippers through direct bookings. The company allows carriers to track shipments and keeps an eye on transportation trends and performance through reports. The company was founded in 2018 and is based in Cairo, Egypt.
Trukkin is techno-logistics platform providing cloud-based intelligent operations and services that unite shippers, transporters, brokers and drivers through one seamless, integrated interface.
Freightix is a freight and logistics app for B2B and B2C customers.
Convoy is a technology-enabled trucking network that allows shippers to connect with nearby trucking companies and book and track jobs instantly. Convoy's platform offers real-time notifications of jobs and free fleet management tools. Convoy was founded in 2015 and is based in Seattle, Washington.
Next Trucking is an online trucking marketplace designed for shippers and truckers. Through its app, Next Trucking makes it easier for drivers to find and book loads.
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