Bangalore based BlackBuck, a B2B logistics startup, has raised Rs 50 crore in venture debt from InnoVen Capital. The company will use the capital for expansion of its service offerings, and penetrate deeper in the country.
BlackBuck was founded in April 2015 by Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B. It’s parent company Zinka Logistics Solutions describes itself as an online marketplace platform for freight where shippers and fleet operators transact. BlackBuck claims to bring truckers and customers on a platform to transact using auction engines on mobile interfaces. It has clients like Tata Steel, Unilever, Marico- to name a few.
Previous Funding: In March, Blackbuck raised $70 million in equity funding from US-based VC firm Sands Capital and World Bank arm International Finance Corp., existing investors Accel Partners and Flipkart Ltd. The logistic startup had raised Series B funding worth $25 million from Tiger Global, Apoletto (Yuri Milner’s founders fund), Accel and Flipkart.
Standalone logistics company are now seeing a tougher competition, specially when e-commerce players have started having their own arms in the segment.
-Note that one of the Blackbuck’s investor is Flipkart, which has it own logistics arm eKart. Flipkart also invested Rs 961.4 crore in eKart, this month.
-In June, Amazon India’s logistics arm Amazon Transportation Services (ATS) got an infusion Rs 207 crore from Singapore-based Amazon Corporate Holdings and Amazon Malaysia. It also received Rs 67 crore from the parent company in September 2016. And now ATS is reportedly looking to get another Rs 400 crore infusion from the parent company to expand its logistics footprint in the country. In fact, filings with the registrar of companies showed that it has got board approval to increase its authorized share capital.
-In September, Food listing and delivery platfrom Zomato acquired last mile logistics startup Runnr for an undisclosed amount.
-In April, Flipkart-owned online fashion website Myntra acquired Bangalore-based logistics startup InLogg.