TruQ is a platform that leverages technology to automate and optimize short-haul/intra-city logistics for automated retail distribution companies, connecting them in real time to the closest vehicle and managing their fulfilment. The company is led by Williams Fatayo (CEO) and Foluso Ojo (COO), with Michael Olasonye (Head of Engineering) serving as potential CTO. 

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The Market Opportunity

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The Nigerian logistics market is estimated to be worth $60 billion and is expected to keep growing as the country’s population and commercial penetration increase. Traditional logistics companies are costly, slow to respond, and offer limited visibility into the process. However, TruQ offers a solution that is more efficient and cost-effective for businesses seeking to move goods quickly.

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TruQ began as a B2C company but has since shifted focus towards its B2B play which currently accounts for 65% of its revenue and 90% of its total trips. The company has since rapidly expanded its customer base to include major retail brands like Tradedepot, Marketforce, Sabi, Vendease and Omnibiz. As such, TruQ is poised to stand at the forefront of the Nigerian logistics market and as it continues to target rapid growth over the next 5 years. 

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Based in Nigeria, the company aims to cover over 80% of the country's B2B logistics market in the coming years. They are also targeting expansion into other African countries such as Ghana, Kenya, and South Africa in the near future. Its revenue grew 1200% from 2020 to 2021, reaching $139K+ and surpassing its projection of $540K for the end of 2022.  

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Not only that, TruQ's technology platform is automating the logistics process from end to end and including offerings such as vehicle financing, API provisions, and value-added services. To gauge the development and prosperity of any logistics industry, it is essential to assess their adoption of technology as well as the infrastructure, and this is what TruQ is leveraging through the use of data and technology to ensure the perfect truck selection for their customers in every area of operation. From small cars to large trucks, they have a range of quality vehicles available no matter where you were located.  With the advancements in analytics, AI and machine learning, TruQ is set to continue its growth trajectory of becoming the leading logistics provider in Africa.

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At Ajim Capital,  we believe TruQ’s mission-driven approach and its team’s ambition of being the foremost logistics partner in the region are what set it apart from its competitors. We are confident in TruQ’s ability to continue its rapid growth and leadership position in Africa and are excited to be part of this journey. 

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