Logistics Tech Startup Fetches Funding From Top Investors
Sequoia India comes on board as an investor in logistics-tech startup, ‘BlackBuck’.
Logistics tech-startup, ‘BlackBuck’ has raised $27.4 million from new and existing investors. As per the company’s Ministry of Corporate Affairs (MCA) filings, VC firm Sequoia Capital has come in as a new investor, to lead the funding round with an infusion of $14.68 million at current rates. Existing investors; Accel Partners and Sands Capital contributed the rest.
According to a report by VCCircle, the latest deal valued BlackBuck roughly at $190-195 million.
Funding Scenario of BlackBuck
BlackBuck’s last major funding round took place in March 2017. It raised $70 million from US-based Sands Capital, which led the investment, and other investors like Accel, Flipkart, International Finance Corporation (IFC), and private-sector investment arm of the World Bank.
In October 2017, BlackBuck had raised $7.69 million in debt funding from InnoVen Capital, the venture debt arm of the Singapore Government’s sovereign fund, Temasek.
Presence of BlackBuck
BlackBuck is currently present in over 1000 locations across the country and has more than 200,000 trucks, and more than 8500 shippers at work. Taking the latest funding into account, BlackBuck has raised a little over $130 million in external funding.
In FY 2016-17, the company registered a steep seven-fold rise in gross revenue at Rs. 566.83 crore, from Rs.81.25 crore in the last fiscal.
Other Players in the Space
Last week, Pune-based Ntex Transportation Services Pvt. Ltd, which runs logistics startup, ElasticRun, raised close to $8 million from existing investors; Norwest Venture Partners and Kalaari Capital.
Earlier this month, the former India head of Germany’s Deutsche Post DHL Group had set up a logistics company and acquired a majority stake in a Kolkata-based firm, to kick-start operations.
GoBolt recently raised $5.5 million in a Series A round from social impact investment group, Aavishkaar-Intellecap.
Though there are a lot of players in this space, the next thing to be watched for is how these companies scale up in the future.