The e-commerce logistics space has recently seen some players bow out but TRAX, backed by Genesis Holdings, has bounced back after concerning rumblings of late, with a reported US$3.7 million investment via renowned foreign investors.
US-based Amaana Capital co-led the investment with UAE-based Tricap Investments. PNO Ventures and a few angel investors were also involved, according to a press release by the logistics player.
In the recent past, TRAX was rumoured to be in financial trouble as a result of rapid growth, spike in fuel costs and cut-throat pricing by various players.
However, a renewed focus by the owners and management team seem to be steering the ship out of stormy waters and validation from overseas investors in this challenging time indicates a promising future.
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