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TruKKer, the digital freight network backed by Investcorp, Mubadala and ADQ, has closed a facility of up to $300 million with Abu Dhabi Commercial Bank that lets it borrow against unpaid invoices from enterprise clients across the UAE, Saudi Arabia and Turkey. The deal is among the first instances of a GCC bank extending this kind of structured credit to a technology company rather than a traditional corporate borrower.
The facility solves one of the central tensions in TruKKer's business, where the company pays truck drivers and carriers quickly but enterprise clients settle invoices weeks or months later. Until now, that working capital gap had to be funded through equity rounds or venture debt. The ADCB facility lets TruKKer borrow against its receivables as they're generated, is non-recourse (meaning ADCB, not TruKKer, takes the loss if clients don't pay), and is structured as a Sharia-compliant murabaha harmonised across three countries with three different legal systems.
ADCB structured and funded the facility solo as sole arranger and sole lender, with White & Case and Paul Hastings architecting the legal framework across the three jurisdictions and HSBC sitting alongside as security trustee.
Founded in 2016 by Gaurav Biswas, TruKKer connects more than 60,000 transporters with over 1,200 enterprise clients across 40 countries. The company has raised over $500 million in equity and debt, including a $100 million pre-IPO round from Investcorp in late 2022.
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