Logistic tech startup BlackBuck drives into club to raise $67 millions of funding.
CEO Rajesh Yabaji(Blackbuck’s cofounder), says he will use the funding to invest heavily in product and data-science capabilities to be more efficient in freight matching for the Indian trucking ecosystem.
bengaluru: Online trucking platform BlackBuck said on Thursday it has raised $67 million in new funding led by Silicon Valley-based venture fund Tribe Capital, IFC Emerging Asia Fund and VEF.
Post the funding, the Bengaluru-based startup is now valued at over $1 billion, becoming the 16th Indian unicorn to enter the prized unicorn club this year. These are privately held companies with a valuation of $1 billion or more. ET reported that the last six months have been record breaking for domestic startups as they’ve raised record capital.
Blackbuck’s existing investors Wellington Management, Sands Capital, and IFC—the World Bank investment arm—have also participated in the round. The company was valued at around $850 million when it last raised financing in 2019.
The startup stated it currently drives over 90% of the market share of all online trucking activity. BlackBuck digitizes fleet operations for truckers. It also helps match trucks with relevant loads through its marketplace. Moreover, the platform has close to 700,000+ truckers and over 1.2 million trucks on its platform. Further, it sees over $15 million in monthly transactions. With over 1.2 million trucks on its platform, it operates pan India across 700+ districts and 1,000+ industrial hubs; thus, enabling smooth and efficient trucking operations.
Currently, the company has over 10,000 customers, including SMEs and large corporates. Some prominent names include Hindustan Unilever, Reliance, Coca-Cola, Asian Paints, Tata, Vedanta, L&T, and Jindal.