Tiger Global-backed BlackBuck raises $7 million from InnoVen Capital

Online-logistics solution BlackBuck has raised $7.69 million from InnoVen Capital, the venture debt arm of the Singapore Government’s sovereign fund Temasek, according to filings with the Registrar of Companies.

The Tiger Global-backed startup secured the funds through a hypothecation deed in September.

The company will use the funds to diversify its services and to grow the organisation.

“For us it was about trying out different sources of capital. At different phases, access to different sources of capital has opened up for us. Venture debt is one of the things we wanted to try. Innoven had been in touch with us for the past one-and-a-half years. They are an excellent team of skilled people who are entrepreneur friendly and understand the business and related challenges for new-age companies,” said Rajesh Yabaji, talking to Mint.

Previous filings showed that the company had secured similar loans and working capital credit facilities from financial institutions in different tranches. In July, it secured Rs 30 crore from Kotak Mahindra Bank. The other investments include Hero Fincorp Ltd (Rs 25 crore in April), Janalakshmi Financial Services Ltd (Rs 37 crore in March), Clix Capital Services Ltd (Rs 25 crore in March), State Bank of India (Rs 50 crore in December 2016).

In March this year, Blackbuck raised $70 million (Rs 476 crore) in a Series C funding round led by Sands Capital, International Finance Corporation along with existing investors Accel Partners and Flipkart.

Launched in April 2015 by IIT Kharagpur alumni Yabaji, Hridaya and Ramasubramaniam B, BlackBuck focuses on B2B logistics solutions for long-haul trucking. It claims to offers its services in over 300 locations across the country with over one lakh trucks on its platform.

The company works with clients like Asian Paints, Unilever, Coke, Britannia, Godrej, Marico, Jyothy Laboratories, and EID Parry as its customers.