According to the private sector of World’s Bank, logistics startup Blackbuck gets an investment of $10M (Rs 68 Crores) by International Finance Corporations (IFC) for a minority stake.
Bangalore-Based company, Blackbuck was founded in late 2015 by IIT-K graduates Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B. Blackbuck is operated by Zinga Pvt Ltd. Previously, the company rose $25 M in series B funding from investors like Tiger Global, Yuri Milner a billionaire Investor, Accel Partners and Flipkart. Then recently the company has also received $5M investment from Accel Partners and Flipkart.
The company focuses on B2B (Business to Business) logistics solutions for long-hauling truckers. They bring shippers and truckers together on an online market for booking the freights. The operations run on light assets model, as they connect shipper directly to truckers so that they minimize the downtime for truckers. Blackbuck also provides ancillary services to drivers such as toll-cards and fuel cards so that they don’t carry cash with them.
At their disclosure IFC said “Blackbuck, drive towards growth contract and spot business and build ancillary services platforms. The company is also raising additional capital from existing and other new investors. The company has about 80,000 trucks under their contract and made 100,000 transactions till date. ” Read about Indian Funded Startups.