Navlungo, a technology company transforming the logistics approach, has announced the acquisition of strategic investments from the Turkish venture fund idacapital and the Kazakhstani MOST Ventures. The startup offers an online platform that allows companies and individual sellers to manage their freight transportation and warehouse operations through a single interface, as reported by a correspondent from the business information center Kapital.kz, citing MOST's press service.
“Investing in startups from more developed markets like Turkey to scale them in emerging markets such as Central Asia accelerates technology transfer, adapts successful models, and stimulates innovative development in the region. Navlungo is a prime example of this. We particularly support their entry into the Uzbekistan market, which served as an additional reason for investment. The logistics sector is a strategic industry in Central Asia with enormous growth potential. We are confident that Navlungo will become a key player in the region, especially considering their technological approach and scalable business model,” – noted Ailim Khamitov, managing partner at MOST Ventures.
“Moreover, collaboration with idacapital – a strategic partner from Turkey – is important for us, as we co-invest in the most promising projects in Central Eurasia. Such deals strengthen economic cooperation between our regions and create conditions for the accelerated development of technological ecosystems,” MOST Ventures added.
The investments come at a time of rapid growth in cross-border e-commerce – forecasts indicate that 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 freight delivery management as simple as booking a plane ticket. These investments will help us scale and meet our customers' expectations,” said Isa Korkmaz, CEO and co-founder of Navlungo.
Navlungo plans to use the raised funds to enhance its platform and expand its operations in the U.S. and Central Asian markets. This year, the company began operations in Uzbekistan, increasing its market presence to eight. Upcoming plans include expansion into Central Asia, Africa, and the Middle East. In the crucial U.S. market, the company has partnered with Beta Prep, resulting in an increase in transportation volume to four containers per month. In Turkey and the U.S., Navlungo has achieved 95% warehouse occupancy, and the integration of a new warehouse management system (WMS) has boosted efficiency by 30%.
Additionally, the company announced the launch of its e-commerce platform Bringist, which now supports payment systems for users from Central Asia.
Navlungo's revenue from January to September 2024 reached $3.7 million, representing a 34% increase compared to the same period in 2023. By the end of 2024, a monthly income exceeding $530,000 is expected, and the GMV volume in 2025 is projected to reach $100 million.
idacapital VC is Turkey's first venture fund focused on Impact Tech startups. MOST Ventures is a Kazakhstani fund investing in innovative companies in emerging markets.