Business

BlackBuck grabs a $12.43 million funding from its existing investors

Startups in India are growing by the day. There might be a startup being planned in almost every company’s every cubical. There are different kinds of startups in India, firstly there some brilliant ideas but the execution is of the lowest level and then there are some average ideas but their planning is spot on. However, for a startup to run successfully and earn an investment, it is necessary to have a brilliant idea and a spot on plan.

There are startups which have risen from the ruins and have now turned into a unicorn. While there are startups which are rising since day one. BlackBuck belongs to the latter version of startups. It is one of those startups which has only reached different heights every year. It has not looked back since its inception.

BlackBuck is a Bengaluru based startup which serves as a B2B logistics solutions for long-route truck driving. It connects shippers and truck drivers to help transport products from city to city. Everything takes place through the BlackBuck marketplace. This is a unique idea and was well supported by Zinka Logistics Solutions which operates BlackBuck.

BlackBuck has a presence in over one thousand locations in this country. There are more than 200 thousand trucks and almost 9 thousand shippers within its network. There are companies likes Unilever, Coke, Britannia, Godrej, Asian Paints, and EID Perry as its clients. That said, this startup is one of the well-funded startups in the country. Till date, it has raised around $140 million from fundings.

The revenue of BlackBuck raised from to almost 58% in FY18. This was after their losses rose because of their expenses. The gross expenses of the company grew to 55% during the Financial Year of 2017-18. That said, it has now secured another funding from its existing investors. It received funding worth $12.43 million that is about 87 crores in rupees. The investment was led by Sands Capital which pumped in $7.25 million of the $12.45 million.

BlackBuck had recently received funding in the October of 2018. It had managed to grab an investment worth $27.4 million in a round which was led by a new investor. Sequoia Capital was the major investor in that round. Accel and Sands Capital were also among those investors. All these investments have increased the worth of BlackBuck. It is now worth around $202-207 million which is around INR 1413-1448 crores.

This current funding round might be a part of a larger funding round as it is still not sure if there are any new investors lined up for BlackBuck. There were rumors according to the Economic Times which were reporting that BlackBuck was looking to raise around $120-150 million with Softbank and Naspers to arrive as new investors. It will be interesting to see if this is the round in which they will invest or BlackBuck will have to wait.

– Unmesh Phule

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