Online trucking platform BlackBuck secures INR 1,050 crore in funds
Category: #retail  By Pankaj Singh  Date: 2019-05-03
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Online trucking platform BlackBuck secures INR 1,050 crore in funds

BlackBuck, India’s largest online platform for trucking, has made it to the headlines for raising up to Rs. 1,050 crore ($150 million) in the latest financing round, which was headed by GSIP (Goldman Sachs Investment Partners), along with the American venture capital firm, Accel.

Sources revealed that other new investors who participated in the funding round included Sequoia Capital, Wellington, LightStreet and B Capital, while existing investors including Sands Capital and the World Bank’s investment arm International Finance Corporation, also took part in the round. The latest funding round has already taken the total quantum of funds garnered by the company to around RS. 1,610 crore ($230 million).

In a recent statement, the company said that this is the second time it is carrying out a stock liquidation event for its employees, where they can liquidate about 25 per cent of the total vested stocks at the present stock price, while the first time it was executed in 2017. Currently, BlackBuck owns more than 3 lakh trucks and has over 60,000 fleet owners in its marketplace. The statement added that the company plans to utilize these funds for deeper penetration into the market with the onboarding of new trucking partners as well as new transportation corridors. It further looks to invest in product & data sciences capabilities for enabling more competent freight matching processes.

According to Rajesh Yabaji, Co-founder & CEO of BlackBuck, the company will endeavor to expand its footprint across the national market, with the latest financing round. He added that the company will make significant investments in product development & data sciences, which are both core dimensions to the marketplace approach of BlackBuck.

BlackBuck, for the record, leverages technology in order to match truckers with shippers in real time and works to enable efficient pricing, improve truck utilization & shipper services levels. It is also said to facilitate trucking services by providing truckers with tyres, fleet cards, Internet of Things (IoT), insurance & working capital credit.

Source credits: https://www.businesstoday.in/current/corporate/blackbuck-raises-rs-1050-crore-in-funding-round-led-by-goldman-sachs-investment-partners-accel/story/342466.html



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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