After raising Series C funding of $30 Million couple of weeks ago, Logistics startup BlackBuck, have bagged another $70 Million from existing investors. The funding round was supported by Sands Capital, with participation from World Bank’s IFC and existing investors Accel and e-commerce giant Flipkart. Since its inception, the startup has raised a total of $130 Million in two years from 7 investors.
The Bangalore-based startup is on fund raising spree this year. A couple of weeks ago the startup has raised Series C funding. Earlier, in January 2017 the startup got investment from IFC of $10 Million. Read more about BlackBuck.
BlackBuck was founded by IIT-K graduates Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B. The Startup focuses on B2B (Business to Business) logistics solutions for long-hauling truckers. They provide logistics solution in the country. The Startup is spread in over 300 cities and has over 10,000 trucks.
Blackbuck’s clientele include corporates and small businesses. Companies like Unilever, Coke, ITC, Pepsi, Britannia, Godrej, Marico and Jyothy Laboratories, besides firms like Asian Paints and EID Parry are some of the clients of the startup. Over 1000 people work at the startup.
On the investment, Anand Daniel from Accel Partners said: ““There is a tremendous opportunity in the intercity FTL segment for a technology player given that the industry is very fragmented and technologically less penetrated. BlackBuck is uniquely positioned to leverage this opportunity because of its primary focus on technology and data analytics. BlackBuck is able to deliver a strong value proposition for both customers and truckers by deploying the marketplace model and a differentiated technology platform.”
The other logistic startups of the country are E-Com Express, Delhivery, Rivigo, Gojavas, RoadRunner, QikPod, Shadow Fox and much more. Recently, Rivigo has raised $15 Million from a clutch of angel investors. Read more about Rivigo.
A research by Novonous says, according to the ‘Logistics Market in India 2015-2020’, the country’s logistics industry is worth $300 Billion and is estimated to grow at a CAGR of 12.17 percent by 2020. Read more Indian Logistics startups.