BlackBuck Enters Unicorn Club with $67 Million Fund Raise
Online trucking platform, BlackBuck is the latest entrant to India’s Unicorn club startups and has secures $67 million as part of its newest Sequence E spherical of fairness financing at a valuation of $1.02 billion. The funding round was led by Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors Wellington Management, International Finance Corporation, Sands Capital, also took part in the funding round.
The company says that the funds would be used to increase its penetration in the market and launch new service offerings for its trucking partners. It would also invest majorly in product and data science capabilities with the aim of enabling more efficient freight matching for the Indian trucking ecosystem.
Rajesh Yabaji, co-founder and chief executive, BlackBuck says, that the company is keen to foray into financial services and aid its trucking partners with insurance and other working capital needs.
He continues, “BlackBuck started with a dream to re-imagine trucking, to make it simpler and more efficient. It has been six years and we are just getting started to make a difference. We continue to dedicate ourselves for the foreseeable future to solve fundamental Indian trucking problems. The new financing round gives us more firepower to invest in fundamentally hard trucking problems and continue deepening our reach and impact."
Currently, Blackbuck provides intercity logistics services to large companies, and small and medium enterprises (SMEs) across all major product categories that include minerals, fast moving consumer goods (FMCG), and many more.
The platform has a network of more than 700,000 truckers that operate 1.2 million trucks across India. BlackBuck witnesses over 15 million monthly transactions on its platform. It digitises fleet operations for the truckers and operates a marketplace to help match trucks with relevant loads.
Arjun Sethi, co-founder and partner at Tribe Capital says, "India's supply chain and logistics industry is moving from paper and pencil to digital. BlackBuck’s ability to measure output and productivity growth has streamlined logistical challenges for the industry over a short time frame. Its continued high velocity growth promises to bring even greater transformation to the Indian trucking ecosystem."
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