Trella, a trucking services startup supported by international shipping titan Maersk, has chosen to cease its operations in Pakistan.
According to a Bloomberg report, the decision comes amid a significant economic crisis in Pakistan, which has led to multiple downgrades by rating agencies due to delays in its loan program with the International Monetary Fund.
The Egypt-based firm, Trella, halted accepting new orders last month, according to Bloomberg sources.
Having entered the Pakistani market in 2020, the company raised $42 million in 2021 from investors, including the venture division of A.P. Moller-Maersk A/S, one of the largest shipping companies globally.
However, the startup has now opted to leave the country, attributing its decision to the recent macroeconomic instability that has rendered its business in Pakistan untenable.
Per the Bloomberg article, Trella plans to keep some employees to support its operations in Egypt, the United Arab Emirates, and Saudi Arabia.
Trella’s departure from Pakistan aligns with several other global tech firms, such as VavaCars, Swvl Holdings, Careem, and Airlift, which have either exited the market or suspended their operations due to financial constraints and diminishing valuations in the nation’s startup ecosystem.
