STV leads fundraising for new digital freight platform

TruKKer founder Gaurav Riswas believes that his company will be a significant player in the Middle East trucking industry. (Reuters)
Updated 13 November 2019

STV leads fundraising for new digital freight platform

LONDON: Saudi Technology Ventures (STV) has led a $23 million Series A funding round in TruKKer, a MENA digital freight platform.

It included International Finance Corporation (IFC), Endeavor Catalyst Fund and MEVP, as new investors to the platform, as well as existing investors such as Riyad TAQNIA Fund, Oman Technology Fund, Iliad Partners, and Shorooq Ventures.

“The latest funding round will be instrumental as we target significant strengthening of our operations, infrastructure, expansion of our team and further enhancements to our technology and R&D,” said TruKKer founder Gaurav Biswas. “We are evolving rapidly to become the region’s trucking freight exchange that facilitates
transparency and efficiency
advantages for our users.”

 


China's aviation regulator raised concerns with Boeing on 737 MAX design changes

Updated 12 December 2019

China's aviation regulator raised concerns with Boeing on 737 MAX design changes

  • China is reviewing the airworthiness of the plane
  • China was first country to ground plane in March

BEIJING: China’s aviation regulator raised “important concerns” with Boeing Co. on the reliability and security of design changes to the grounded 737 MAX, it said on Thursday, but declined to comment on when the plane might fly again in China.
China is reviewing the airworthiness of the plane based on proposed changes to software and flight control systems according to a bilateral agreement with the United States, Civil Aviation Administration of China (CAAC) spokesman Liu Luxu told reporters at a monthly briefing.
He reiterated that for the plane to resume flights in China, it needed to be re-certified, pilots needed comprehensive and effective training to restore confidence in the model and the causes of two crashes that killed 346 people needed to be investigated with effective measures put in place to prevent another one.
China was the first country to ground the 737 MAX after the second crash in Ethiopia in March and had set up a task force to review design changes to the aircraft that Boeing had submitted.
The US Federal Aviation Administration (FAA) will not allow the 737 MAX to resume flying before the end of 2019, its chief, Steve Dickson, said on Wednesday.
Once the FAA approves the reintroduction into service, the 737 MAX can operate in the United States, but individual regulators could keep the planes grounded in other countries until they complete their own reviews.
“Due to the trade war, the jury is still out on when China would reintroduce the aircraft,” said Rob Morris, Global Head of Consultancy at Ascend by Cirium.
Chinese airlines had 97 737 MAX jets in operation before the global grounding, the most of any country, according to Cirium Fleets Analyzer.