Online trucking logistics platform BlackBuck turns unicorn, valued at $1.02 billion
BlackBuck said on July 22 that it has raised funds valuing it at over a billion dollars, making it the latest entrant to India's unicorn club in a record-breaking year for startup funding.
BlackBuck raised $67 million led by Tribe Capital, IFC's Emerging Asia Fund and Vostok Emerging Finance (VEF), a European investor. It did not specify its valuation but a person familiar with the matter said it was valued at $1.02 billion, marginally higher than the $950 million it was valued at in May 2019 according to media reports. This person however said BlackBuck's valuation two years ago was about $850 million.
BlackBuck helps shippers organise trucks, have real-time visibility and have end-to-end freight management. Other investors in the round include existing backers Wellington Management, Sands Capital and IFC.
"BlackBuck started with a dream to re-imagine trucking, to make it 10X simple and 10X efficient. It has been six years and we are just getting started to make a difference. We continue to dedicate ourselves for the foreseeable future to solve fundamental Indian trucking problems. The new financing round gives us more firepower to invest in fundamentally hard trucking problems and continue deepening our reach & impact," said Rajesh Yabaji, co-founder and CEO of BlackBuck.