Turkish startup Navlungo is already actively working in eight countries, including Uzbekistan
Istanbul, Turkey / November 22, 2024 - Navlungo, a technology company that changes its approach to logistics, announced the attraction of strategic investments from idacapital venture funds and Kazakhstan's MOST Ventures. The startup provides the market with an online platform that allows companies and individual sellers to manage their cargo transportation and warehouse operations through a single interface.
"Investing in startups from more developed markets, such as Turkey, to scale them to emerging markets, such as Central Asia, allows you to accelerate technology transfer, adapt successful models and stimulate innovative development of the region. Navlungo is just such a case. We especially support their entry into the Uzbek market, which was an additional reason for investment. For Central Asia, the logistics sector is a strategic industry with huge potential for growth. We are confident that Navlungo will become a key player in the region, especially given their technological approach and scalable business model," said Alim Khamitov, managing partner of MOST Ventures.
"In addition, cooperation with idacapital, a strategic partner from Turkey, with whom we will co-invest in the most promising projects in Central Eurasia, is important for us. Such transactions strengthen economic cooperation between our regions and create conditions for the accelerated development of technological ecosystems," MOST Ventures added.
Investments fall on the time of rapid growth of cross-border e-commerce - according to forecasts, its volume will reach $4 trillion by 2027.
"We see how quickly the logistics market is changing under the influence of e-commerce. Our mission is to make global cargo delivery management as easy as booking a flight ticket. These investments will help us scale and meet the expectations of our customers," said Isa Korkmaz, CEO and co-founder of Navlungo.
Navlungo plans to use the raised funds to improve its platform and expand its activities in the markets of the United States and Central Asia. This year, the company started working in Uzbekistan and brought the number of presence markets to eight. The nearest plans include expansion into Central Asia, Africa and the Middle East. In the key US market for itself, the company entered into a partnership with Beta Prep, thanks to which the volume of transportation increased to four containers per month. In Turkey and the United States, Navlungo achieved 95% warehouse occupancy, and the integration of the new warehouse process management system (WMS) increased their efficiency by 30%.
In addition, the company announced the launch of its own e-commerce platform Bringist, which now supports payment systems for users from Central Asia.
It is worth noting that the startup completes 2024 with a number of impressive indicators. The company's revenue for the incomplete year, from January to September, amounted to $3.7 million, which is 34% more compared to the same period in 2023. By the end of 2024, the monthly income is expected to exceed $530 thousand, and the volume of GMV in 2025 should reach $100 million.
Information reference
The deal was attended by idacapital VC, Turkey's first venture fund with a focus on Impact Tech startups, and MOST Ventures, a Kazakhstani fund investing in innovative companies in emerging markets.