Trella trucking company has decided to shut down operations in Pakistan. Trella, a trucking services company funded by global shipping behemoth Maersk, chose to close its operations in Pakistan.
According to Bloomberg, the move comes as Pakistan is experiencing one of its worst economic crises and is facing several downgrades from rating agencies due to the delay in reviving the delayed IMF loan programme.
Trella, based in Egypt, ceased accepting new orders last month, according to sources familiar with the matter, as reported by Bloomberg.
In 2021, the business raised $42 million from investors, including the venture arm of A.P. Moller-Maersk A/S, one of the world’s largest shipping companies.
However, due to the continuous socioeconomic turbulence, which has rendered its company in the South Asian country unsustainable, it has now chosen to depart Pakistan.
Trella, according to Bloomberg, will keep some employees in Pakistan to help with operations in Egypt, the United Arab Emirates, and Saudi Arabia.
Trella’s departure from Pakistan follows that of several other multinational corporations, including VavaCars, Swvl Holdings, Careem, and Airlift. Due to a capital shortage and a squeeze in startup valuations in the country’s startup industry, these companies quit the market or suspended operations.
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