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    BlackBuck becomes unicorn with $67million Series-E financing

    startup | IST

    BlackBuck becomes unicorn with $67million Series-E financing

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    BlackBuck is 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.

    BlackBuck, an online trucking platform, announced that it has closed a $67 Mn round of equity financing. The round was led by Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors Wellington Management, Sands Capital, and International Finance Corporation also participated in the round.
    The company said it will use these funds to further penetrate the market and launch new service offerings for its customer base. The company added that it will invest more in product and data sciences capabilities, with of aim of enabling more efficient freight matching for the Indian trucking ecosystem.
    BlackBuck digitises fleet operations for the truckers and operates a marketplace to help match trucks with relevant loads.
    The platform has close to 700000 truckers and 1.2 million trucks on its platform, and it sees over 15 million in monthly transactions.
    Rajesh Yabaji, co-founder & CEO of BlackBuck said “BlackBuck started with a dream to reimagine 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.”
    Currently, the company has over 10,000 customers including SMEs and large corporates such as Hindustan Unilever, Reliance, Coca Cola, Asian Paints, Tata, Vedanta, L&T and Jindal. BlackBuck is 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.
    Arjun Sethi, Co-Founder and Partner at Tribe Capital, said: "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.”
    Saadia Khairi, Fund Head, IFC Emerging Asia Fund said “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. In the midst of the pandemic Blackbuck has scaled its online freight marketplace and fleet management services rapidly. Blackbuck’s contribution to increased transparency and efficiency in the large, fragmented and predominantly unorganized long-haul freight market in India offers the potential for significant developmental impact.”
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