Bengaluru-based online trucking start-up has entered the list of Unicorn companies today. The company has raised $67 million in its Series E round led by its existing key investors Sands Capital, Wellington Management, and International Finance Corporation (the World Bank investment arm). Apart from them, IFC Emerging Asia Fund Tribe Capital and VEF also participated.
After this round, the valuation of this 6-year-old start-up has gone up to $1.02 billion which makes it 16th Unicorn company of the year 2021. Now BlackBuck becomes the third Unicorn in the logistics sector, followed by Rivigo and Delhivery.
So far, Blackbuck includes itself in the list of 16 companies that enter into Unicorn club in 2021:
|S.no||Unicorn Company||Date||Valuation in $Bn.||Sector|
|12||Urban Company||27-april||$2.0||Home service|
As per the co-founder and CEO of the company, Rajesh Yabaji “company will use the new capital to invest in product and data science capabilities to strive for better efficiency in freight matching with the Indian trucking ecosystem. With the advance of this, the company will also expand its insurance offering and financial services through partnership”.
Additionally, he said, the company has now seen a shift in demand, with most of it coming from small businesses, brokers, large-scale outfits as against major enterprises before. Over the last 2 years, digital adoption has grown wider, we have seen a 20X growth in demand in the previous 2 years.
BlackBuck focuses on B2B logistics solutions for long-haul trucking and provides intercity logistics services to large enterprises, small and medium companies across minerals, fast-moving consumer goods, and other categories. Its customers include Tata Group, Hindustan Unilever, Asian Paints, and Coca-Cola.
The company claims to have a network of over 700,000 truckers and operates 1.2 million trucks across India. According to the company, it witnesses over 15 million monthly transactions on its platform.