Bengaluru-based online logistics startup BlackBuck has raised additional $36 million (Rs 249.78 crore) in a Series D round of funding from Accel Growth Fund and Singapore-based venture capital firm B Capital Group, which was established by Facebook co-founder Eduardo Saverin.
According to the company’s filing with the Registrar of Companies (RoC) sourced by paper.vc, existing investor Accel led the round by subscribing to 11,060 Series D compulsorily convertible preference shares (CCPS) for Rs 214.1 crore. B Capital Global BB SPV I has picked up 1,773 CCPS in the company for Rs 34.3 crore, while B Capital Asia I LP has been allotted 70 Series D CCPS at Rs 1.3 crore.
Blackbuck had already secured about Rs 303.31 crore (about $43 million) from Goldman Sachs and B Capital as part of the round, DEALSTREETASIA reported last month. Goldman Sachs, which had routed the investment through Global Private Opportunities Partners III fund, had pumped in Rs 214.10 crore while B Capital had invested Rs 89.2 crore into the company.
The startup had reportedly raised $12.43 million (Rs 87.02 crore) in a funding round led by existing investor Sands Capital and International Finance Corporation (IFC) in December. In October last year, BlackBuck had raised Rs 202 crore in a round led by new investor Sequoia Capital. Sands Capital and Accel had also put money in the round.
It also counts Yuri Milner-backed Apoletto and US-headquartered investment firm Tiger Global among its investors.
Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B, BlackBuck is a B2B tech-enabled logistics startup that brings together shippers and truckers through its online marketplace to facilitate inter-city freight transportation.
BlackBuck claims to be present in over 1,000 locations across the country, with more than 200,000 trucks and over 8,500 shippers on its network currently. Its clientele includes Coca-Cola, Asian Paints, Unilever, Amul, Reliance Industries, Britannia, Godrej, and Marico, according to its website.
The company recorded a 59.1 per cent increase in revenue, up from Rs 566.83 crore in FY17 to Rs 901.9 crore in FY18. Its losses, however, grew by 35 per cent to Rs 116.71 crore in FY18 from Rs 86.51 crore in FY17.
The startup’s well-funded competitors include Rivigo, Delhivery, Ecom Express, and Fortigo.
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