BlackBuck on Thursday said it has raised $67 million in Series E round of equity financing led by Silicon Valley-based venture fund Tribe Capital, IFC Emerging Asia Fund and VEF.
After the funding, the startup is now valued at over $1 billion, becoming the 16th Indian unicorn to enter the prized unicorn club this year.
The logistics firm is India’s 16th unicorn in half a year, compared to 11 unicorns in all of 2020. Startups which have turned unicorn in this year are Urban Company, Zeta, Meesho, Groww, BrowserStack, Cred, and PharmEasy among others.
Its other investors include venture firms Sequoia, Accel, Goldman Sachs and B Capital.
Existing investors Wellington Management, Sands Capital, and International Finance Corporation also participated in the round.
BlackBuck is also supported by multiple global the investors which includes Accel, Apoletto Asia, B Capital, Flipkart, Goldman Sachs, IFC, IFC Emerging Asia Fund, Light Street, Sands Capital, Sequoia, Tiger Global, Tribe Capital, VEF, and Wellington Management.
The company will use these funds to invest heavily in product and data science capabilities to strike better efficiency in freight matching for the Indian trucking ecosystem.
The startup will also scale its financial services and insurance offerings through partnerships.
Comment from Co-founder
Rajesh Yabaji, “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.”
Founded in 2015, BlackBuck digitises fleet operations for truckers and operates a marketplace to help match trucks with relevant loads. BlackBuck helps shippers organise trucks, have real-time visibility and have end-to-end freight management.
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.
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