Flipkart-backed BlackBuck to Raise Upto $300 Million from IPO

BlackBuck, the largest trucking network in India, is gearing up for an initial public offering (IPO) in the next fiscal year. Backed by Flipkart, BlackBuck aims to raise up to $300 million from the IPO. The company has already converted itself into a public entity, which will enable it to raise funds from a broader pool of investors.

According to a report by Moneycontrol, the company has recently appointed merchant bankers and lawyers to advise on their IPO. The company has also started working on preparation of their draft red herring prospectus (DRHP).

This move comes as the company seeks to expand its services and grow its core freight business. Flipkart's backing has been instrumental in BlackBuck's journey, and the IPO is a significant step toward realizing their vision.

BlackBuck's platform connects over 700,000 truckers, 10,000 shippers, and 500 partners, streamlining load transportation 1. By leveraging real-time tracking and telematics services, they've made logistics more efficient for all stakeholders.

Founded in 2015, by IIT Kharagpur alumni Rajesh Yabaji, Chankaya Hridaya, and Ramasubramaniam, BlackBuck has been a pioneer in digitizing and simplifying trucking operations in India. BlackBuck connects companies looking to ship goods with truckers efficiently. The company has revamped the trucking infrastructure to facilitate payments, insurance, and financial services.

What sets BlackBuck apart is its focus on making the trucking industry accessible and transparent for small fleet owners and truck drivers. By empowering them with better access to business and revenue, BlackBuck has significantly improved their economic prospects.

BlackBuck also offers GPS tracking devices, FASTags, and fuel cards.

The company is looking to hit the market with its IPO in the second half of FY25.

Logistics Tech Startup Blackbuck Raises $12.5 Mn from Existing Investors and IFC of World Bank

Bangalore-based Zinka Logistics Solutions Pvt. Ltd, which owns and operates tech-enabled logistics and supply chain solutions brand, Blackbuck, has raised fresh $12.5 million (Rs 87 crore) from some of its existing investors, reported VCCircle.

BlackBuck's existing investor Sands Capital led the round by investing Rs 50.78 crore and rest came from
International Finance Corporation (IFC), the investment arm of the World Bank.

In October this year, the logistics firm had raised Rs 202.96 crore ($27.4 million) in a Series D round of funding led by Sequoia Capital along with participation from existing investors Sands Capital and Accel.

So far, the logistics startup has raised a total of about $148 million in funding over six rounds including this one.

Founded in 2015, by IIT Kharagpur alumni Rajesh Yabaji, Chankaya Hridaya, and Ramasubramaniam, Blackbuck offers B2B logistics solutions for long-haul trucking. With the help of its online marketplace, it facilitates intercity freight transportation by bringing together truckers and shippers.

Blackbuck has partnerships with World Bank and Indian government and claims to be present in 1000+ locations with 1200+ employees and 250,000+ trucks. The startup's clients include leading SME and corporate giants like Coca-Cola, Unilever, among others.

The fundraise by BlackBuck comes within few days after an another logistics startup, LetsTransport, had raised Rs. 100 Crores from Bertelsmann India Investments, Fosun International and other investors.

[Top Featured Image - Glassdoor.co.in]

Logistics Tech Startup Blackbuck Raises $27.4 Mn from Sequoia Capital, Others

Bengaluru-based tech-enabled logistics startup BlackBuck has raised ₹202 crores (~ US$27.3 million) in a fresh funding round from Sequoia Capital, which will be joining the startup as new investor, according to the regulatory filings. Existing investors Accel Partners and Sands Capital also participated in the round.

Sequoia’s SCI Investment fund has invested more than ₹100 crores in Blackbuck, while the rest comes Accel and Sands Capital. So far, the startup has raised a total of about $135 million in funding over five rounds including this one.

The funding comes soon after Sequoia Capital closed its sixth India focused fund at $695 million, in August 2018.

Founded in 2015, by IIT Kharagpur alumni - Chanakya Hridaya, Rajesh Yabaji and Ramasubramaniam B, BlackBuck is one of the best funded online freight startups in India. The startup has built a B2B online marketplace platform for freight where shippers and the fleet operators can engage seamlessly.

To recall, in December 2016 all three BackBuck co-founders had made strategic investment in Comet, a Mumbai-based online marketplace for international freight services.

Beside Accel, Sands Capital and now Sequoia, the other prominent investors that have invested in Blackbuck include Flipkart, IFC of World Bank, Tiger Global and Russian billionaire Yuri Milner-backed fund Apoletto Asia.

In the last two years, Blackbuck has seen fast growth with revenue growing seven-fold in FY'17 to Rs 566 crore however the losses also grew more than five times to Rs 86 crore. The startup had also reached operational profitability in that financial year. The company has not filed its financials for FY'18 so far.

“Macroeconomic factors like GST and their downstream effect into the logistics industry would affect the ecosystem in FY18 and company expects to be in a strong position to take advantage of the same,” Zinka Logistics, as the company is registered, had said in its MCA filing for FY'17.

Other prominent players in freight logistics include Locus, Locanix, ElasticRun, 4tigo Network Logistics, among others.

Earlier this month, Gurgaon-based GoBOLT, a tech-logistics company operating in line haul & short haul trucking, has secured funding of ₹40 crore from Aavishkaar Bharat Fund.

Late last month, one of India's largest third-party logistics (3PL) solution providers, Mahindra Logistics (MLL) had acquired a strategic stake in Transtech Logistics, also known as ShipX. The acquisition deal was done at Rs.7 Crores


Source - Economic Times

Logistics Tech Startup Blackbuck Raises $27.4 Mn from Sequoia Capital, Others

Bengaluru-based tech-enabled logistics startup BlackBuck has raised ₹202 crores (~ US$27.3 million) in a fresh funding round from Sequoia Capital, which will be joining the startup as new investor, according to the regulatory filings. Existing investors Accel Partners and Sands Capital also participated in the round.

Sequoia’s SCI Investment fund has invested more than ₹100 crores in Blackbuck, while the rest comes Accel and Sands Capital. So far, the startup has raised a total of about $135 million in funding over five rounds including this one.

The funding comes soon after Sequoia Capital closed its sixth India focused fund at $695 million, in August 2018.

Founded in 2015, by IIT Kharagpur alumni - Chanakya Hridaya, Rajesh Yabaji and Ramasubramaniam B, BlackBuck is one of the best funded online freight startups in India. The startup has built a B2B online marketplace platform for freight where shippers and the fleet operators can engage seamlessly.

To recall, in December 2016 all three BackBuck co-founders had made strategic investment in Comet, a Mumbai-based online marketplace for international freight services.

Beside Accel, Sands Capital and now Sequoia, the other prominent investors that have invested in Blackbuck include Flipkart, IFC of World Bank, Tiger Global and Russian billionaire Yuri Milner-backed fund Apoletto Asia.

In the last two years, Blackbuck has seen fast growth with revenue growing seven-fold in FY'17 to Rs 566 crore however the losses also grew more than five times to Rs 86 crore. The startup had also reached operational profitability in that financial year. The company has not filed its financials for FY'18 so far.

“Macroeconomic factors like GST and their downstream effect into the logistics industry would affect the ecosystem in FY18 and company expects to be in a strong position to take advantage of the same,” Zinka Logistics, as the company is registered, had said in its MCA filing for FY'17.

Other prominent players in freight logistics include Locus, Locanix, ElasticRun, 4tigo Network Logistics, among others.

Earlier this month, Gurgaon-based GoBOLT, a tech-logistics company operating in line haul & short haul trucking, has secured funding of ₹40 crore from Aavishkaar Bharat Fund.

Late last month, one of India's largest third-party logistics (3PL) solution providers, Mahindra Logistics (MLL) had acquired a strategic stake in Transtech Logistics, also known as ShipX. The acquisition deal was done at Rs.7 Crores


Source - Economic Times