Only platform for trucks BlackBuck has become the latest entrant to India's growing list of unicorn startups by raising $67 million in a new funding round.
The Series E round of equity financing was led by Silicon Valley-based venture fund Tribe Capital, valuing BlackBuck at over $1 billion, and making it the 16th Indian startup to the country's coveted unicorn club thus far this year.
Unicorns are privately held companies with a valuation of $1 billion or more. Existing investors International Finance Corporation, Wellington Management, and Sands Capital also participated in the fundraise round.
The funds, according to the company, will be utilised to expand its penetration in the market and roll out new service offerings for its trucking partners.
BlackBuck will also invest heavily in product and data science capabilities in order to enable more effective freight matching for the Indian trucking ecosystem.
The company is also looking to enter financial services segment and help its trucking partners with insurance and other working capital requirements, Rajesh Yabaji, co-founder and chief executive of BlackBuck told the Mint.
"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," he said.
Currently, BlackBuck offers intercity logistics services to big companies, and small and medium enterprises (SMEs) across all major product segments comprising fast moving consumer goods (FMCGs) and minerals, etc. The online platform has a network of more than 7 lakh truckers, which operates 1.2 million trucks across India.
"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," said Arjun Sethi, co-founder and partner at Tribe Capital.
"At the IFC Emerging Asia Fund, we are excited to partner with Blackbuck in its next phase of growth. We have been impressed with how Blackbuck has continued to leverage technology and its deep understanding of the long-haul freight market to offer solutions that address typical pain points for both the truckers and shippers," said Saadia Khairi, fund head, IFC Emerging Asia Fund.
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