Valued at $1.02 billion with Tribe, IFC funding, BlackBuck turns Unicorn
Recently, Online trucking logistics platform BlackBuck said that it has escalated funds esteeming it at concluded a billion dollars, creating it the newest player to India’s unicorn club in a record-breaking year for start-up funding.
BlackBuck elevated $67 million ran by Tribe Capital, IFC’s Emerging Asia Fund, and Vostok Emerging Finance (VEF), a European investor. It did not specify its valuation but a person familiar with the matter said it was valued at $1.02 billion, marginally higher than the $950 million it was valued at in May 2019. This person however said BlackBuck’s valuation two years ago was about $850 million.
BlackBuck aids carters categorize trucks, have real-time visibility, and have end-to-end freight management. Other investors in the round include existing backers Wellington Management, Sands Capital, and IFC.
Rajesh Yabaji, co-founder and CEO of BlackBuck, states, “BlackBuck started with a dream to re-imagine trucking, to make it 10X simple and 10X 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 & impact.”
Its other investors include venture firms Sequoia, Accel, Goldman Sachs, and B Capital.
BlackBuck said it has over 1.2 million trucks on its platform across 700 districts over 1,000 industrial hubs. Its customers include Hindustan Unilever, Coca Cola, Asian Paints, and the Tata Group.
Arjun Sethi, Co-Founder, and Partner at Tribe Capital said, "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.”