Blackbuck goes for Series B funding, raises $25 million
Bengaluru, India | Red Newswire | Dec 10, 2015 Last Updated at 02:03 PM IST.
The Zinka Logistics backed BlackBuck has received $25 million i.e., Rs. 167 crore funding from Tiger Global, Apoletto (owned by Russian billionaire Yuri Milner), Flipkart and Accel Partners. Earlier this year also BlackBuck raised $5 million from Flipkart and Accel.
Rajesh Yabaji, co-founder of the Company said the funds will be used for development of a robust tech-infrastructure and team. Yabaji founded BlackBuck along with Chanakya Hridaya.
The company provides marketplace for business customers involved with inter-city transport of goods. Presently, the firm operates in 40 locations across the country and has over 200 employs. BlackBuck looks forward to expanding to 200 locations in the coming year. Some of its prominent customers are Marico Ltd., Godrej, Britannia Industries Ltd. and Asian Paints Ltd.
Yabaji said, “A large part of the truck ecosystem is inter-city and driven by business-to-business commerce. We are a marketplace for inter-city trucking and provide customers with full truckloads. Our customers are large as well as small and medium businesses, but the focus is majorly on large companies.” He said that the company is even looking to acquire other logistics firms.
Blackbuck has raised the highest fund in the homegrown logistics field, at a time when investors are becoming more conscious of their investments.
According to Traxcn, several businesses in this segment have emerged in China and US. Recently in Chennai, Fuyokache are two such companies operating in China and raised $10.4 million and $129 million respectively. In US, Cargomatic, Transfix and Trucker Path have emerged.
Traxcn says there are 58 similar startups in India including The Porter, ReturnTrucks, Blowhorn and Shippr.