Maersk-backed trucking startup decides to leave Pakistan

Trella, a startup in the trucking industry, has opted to shut down operations in Pakistan, leaving behind one of the country's worst economic crises.

According to two people with knowledge of the situation, the Egypt-based company stopped accepting new orders last month. A request for comment was not answered by Trella, which secured $42 million in 2021 from investors including the venture arm of A.P. Moller-Maersk A/S.

The folks there said that Trella's business was unsustainable due to recent macroeconomic unrest. The business, which entered Pakistan in 2020, will keep some employees on board to help with operations there and in Saudi Arabia, Egypt, and the United Arab Emirates.

Due to a delay in its loan programme with the International Monetary Fund, Pakistan has experienced several downgrades by ratings agencies. Due to a lack of dollars, it has had to restrict imports, seen its currency lose a third of its value, and seen petrol prices nearly double in the last year. This has an effect on the trucking industry. 

Along with a pressure in the values of international technology businesses, Pakistan's startup ecosystem is also suffering from a finance shortage. VavaCars, backed by Vitol, left Pakistan last year; Swvl Holdings, located in Dubai; Uber's Careem; Swvl Holdings' daily rides; and Airlift, which raised a record $85 million, failed.