Logistics-tech startup BlackBuck has raised $150 million (about Rs 1,040 crore) in its Series D round, beefing up its war chest to compete with rivals such as Rivigo and Delhivery.
The fresh fundraise takes the total equity capital BlackBuck has mobilised so far to more than $230 million, multiple media reports said on Wednesday, citing CEO Rajesh Yabaji.
The funding round was led by Goldman Sachs Investment Partners and venture capital firm Accel. B Capital, Sequoia Capital, International Finance Corporation and Sands Capital also participated in this round, TechCrunch and The Economic Times reported.
B Capital is the venture capital firm of Facebook co-founder Eduardo Saverin while IFC is the private-sector investment arm of the World Bank.
The round values BlackBuck a little less than $1 billion, TechCrunch reported, citing a person familiar with the matter it didn't identify.
Zinka Logistics Solutions Pvt. Ltd, which operates business-to-business tech-enabled logistics startup BlackBuck, was founded in 2015 by IIT-Kharagpur alumni Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B. The company provides B2B logistics solutions for long-haul trucking. It brings together shippers and truckers through its online marketplace to facilitate inter-city freight transportation.
The company has been raising capital in multiple tranches since October last year. That month, it raised Rs 203 crore in a round led by new investor Sequoia Capital. It December, it secured Rs 87 crore from existing investors.
It mopped up Rs 303 crore from Goldman Sachs and other investors in March this year and mobilised about Rs 250 crore last month.
BlackBuck competes with the likes of Warburg Pincus-backed Rivigo and Ecom Express as well as SoftBank-funded Delhivery.
Gurugram-based Delhivery Pvt. Ltd entered India’s unicorn club after raising $395 million in a Series F funding round led by Japanese conglomerate SoftBank. Private equity firm Carlyle and China's Fosun also invested in this round.
Rivigo is also on verge of entering the unicorn club. It last raised around Rs 255 crore from existing investors Warburg Pincus and SAIF Partners earlier this year.
