Blackbuck raises $70 million in a Series C funding round

Zinka Logistics Solutions Pvt. Ltd., owner of the truck logistics startup Blackbuck, has raised $50 million in a Series C funding round from a clutch of investors led by Sands Capital. Though World Bank’s investment arm International Finance Corporation (IFC) invested in the firm, the startups’ existing investors Accel Partners, Flipkart Ltd and angel investor Sanjiv Rangrass also participated in the latest round.

The startup acts as a marketplace connecting potential customers, who are essentially large and small businesses, with truck owners and freight operators for inter-city transport of goods. It is also piloting a platform for selling second-hand trucks and purchase of insurance, though it is still a very long shot. Blackbuck was started in 2015 by former ITC executives Rajesh Yabaji and Chanakya Hridaya along with B Ramasubramaniam, a transport industry veteran.

Rajesh Yabaji, CEO Blackbuck, said that “Most of the funds will be deployed to build products and technology. To be frank, proceeds of the last round have still not been deployed completely. We have two business verticals, one on the corporate side, which accounts for 75% of the business, and another on the small and medium businesses side, which accounts for the rest”. He also added that “The new platform is something that will provide the business the next wave of growth after the marketplace matures. Anything and everything which truckers require to run the business will be available on Blackbuck. Basic essentials like buying tyres, insurance or selling the trucks will all be part of this platform”.