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KARACHI: A UAE-based technology company has made its first investment in Pakistan, backing a local fintech that provides digital financial services to the logistics sector, the company said on Friday.

Yango Group, through its $20 million corporate venture arm Yango Ventures, acquired a stake in Trukkr, a platform that serves Pakistan’s $35 billion logistics market.

The investment will support Trukkr’s expansion, improve its credit-scoring technology and help increase financial access for thousands of unbanked trucking businesses.

“Pakistan’s logistics sector is full of potential, and Trukkr is helping move it forward — by giving operators the financial tools they need to scale and succeed,” said Daniil Shuleyko, CEO of Yango Group.

“This is the kind of local innovation we want to help grow, and it’s just the start of our work in Pakistan,” he added.

Founded in 2019, Trukkr digitizes operations for more than 20,000 drivers and over 100 enterprise clients.

Following its acquisition of a non-banking finance company (NBFC) license from Pakistan’s Securities and Exchange Commission, Trukkr now offers working capital and fleet financing powered by its proprietary credit engine, Prism.

Yango Group operates across over 30 global markets and brings experience in ride-hailing, e-commerce, fintech and AI. Its investment in Trukkr is part of a broader strategy to drive digital transformation in emerging markets, particularly in Middle East, North Africa, Sub-Saharan Africa and Latin America.

“In addition to their strategic equity investment, we find that their experience in building state-of-the-art logistics tech will allow us to strengthen our offerings in Pakistan and beyond,” said Sheryar Bawany, CEO of Trukkr.
 

ISLAMABAD: Pakistan’s monsoon activity is likely to remain subdued until August 12, with a possible revival over the upper half of the country from August 13, the Meteorological Department said on Friday, as the nationwide death toll from rain-related incidents held steady at 303.

The outlook came as authorities continue to assess damage from weeks of downpours, which began in late June. According to the National Disaster Management Authority (NDMA), over 730 people have also been injured since June 26, more than half of them in Punjab province.

Children accounted for nearly 47 percent of the deceased.

“No significant flood situation is expected in any of the major rivers up to 13th August,” the Met Office said, although it warned of increasing river flows due to water releases from upstream reservoirs in India.

The NDMA’s latest daily situation report noted no new casualties or injuries in the last 24 hours, but warned of residual impacts, particularly in Khyber Pakhtunkhwa (KP), where five houses were partially damaged and six livestock perished in the districts of Haripur and North Waziristan.

House collapse remains the leading cause of death during this monsoon season, accounting for 55.1 percent of fatalities, followed by drowning (17.8 percent) and flash floods (14.9 percent).

Pakistan is among the countries most vulnerable to the effects of climate change, frequently experiencing heatwaves, glacial lake outburst floods and erratic rainfall.

In 2022, the country suffered catastrophic flooding that submerged a third of its territory, displaced millions of people and caused over $30 billion in damage, according to government and international estimates.

Climate scientists say Pakistan’s exposure to extreme weather events has increased due to warming temperatures, shrinking glaciers and changing monsoon patterns, prompting the government to push for climate finance and adaptation support at international forums.