Logistics start-up BlackBuck raises Rs. 56 crore from Trifecta
BlackBuck, a Bengaluru-based logistics start-up, has raised Rs. 56 crore (approximately $7.83 million) in debt and equity round from venture debt firm, Trifecta Capital. The company, which was established in 2015, has received Rs. 50 crore at a price of Rs. 10 lakh per share and is yet to receive another Rs. 6.23 crore. Here's all about BlackBuck and its fund-raise.
First, a bit about BlackBuck and its services
BlackBuck, which was started in 2015 by IIT Kharagpur alumni Chanakya Hridaya, Rajesh Yabaji and Ramasubramaniam B, follows a B2B model and is working to change the logistics landscape of India. The company provides an online platform which connects shippers and truckers, to offer reliable and efficient logistics solution. Presently, giants like Amul, Britannia, Tata Steel, etc. are the clients of BlackBuck.
How it will utilize the fresh funds?
BlackBuck will use the fresh capital to scale up its tech infrastructure and bolster its product and data science capabilities. The company revealed that it saw a rise of 30% in earnings by increasing the number of fleet owners. At present, the start-up claims to work with around three lakh truckers across the country.
The company's valuation now stands at more than $950 million
Prior to this investment, BlackBuck had received $150 million in Series D round of funding earlier this year. And, with this round, the total capital raised by the company stands at more than $293 million. Further, it is estimated to be valued at over $950 million. The logistics firm is backed by giants like Sequoia Capital, Accel Partners, Tiger Global, and more.
BlackBuck competes against giants like Delhivery, Rivigo
The stiff competition in the logistics sector, which is currently valued at $160 billion in India, is hard to ignore. BlackBuck competes against the likes of giants such as SoftBank-funded Delhivery, Rivigo, and Ecom Express.