With a valuation of $1.02billion in the recent round of funding, an Indian online trucking startup managed to raise $67million. It was supported by Tribe Capital, IFC Emerging Asia Fund, and VEF. Wellington Management, Sands Capital, and International Finance Corporation who were existing investors also participated in this round of funding.
The funds received will be utilized to increase its market penetration and new services will also be launched. To bring more effective methods in freight matching for the Indian trucking market, the startup is set to invest in new product and data science capabilities. Co-founder and chief executive of BlackBuck, Rajesh Yabaji said to Mint that the startup is also looking forward to venture into financial services for its trucking partners.
BlackBuck began its services six years ago and is working on ways to make its initial dream of making a simple and efficient trucking system come more alive. The startup provides logistics services to large companies and also small and medium enterprises. And they deliver major product categories like minerals, fast-moving consumer goods, etc. With over 15 million monthly transactions, the startup has over 7,00,000 truckers with almost 1.2 million trucks all over India. The digital operations include matching trucks with relevant loads. Yabaji also added that the pandemic has also increased the dependence on digital platforms by SMEs.
BlackBuck has also taken initial steps to disrupt the over-influence of European logistics by setting up its office in Poland.