Online logistics solution provider Blackbuck has raised Rs 202 crore in a fresh round from new investor Sequoia Capital with the participation of existing investors such as Accel Partners and Sand Capitals.
According to regulatory filings with MCA, Sequoia has infused Rs 100 crore in this round while Accel and Sands Capitals have pumped in the rest amount, reports ET.
Entrackr has sent an email to Blackbuck for confirmation. We’ll update the post as response comes in.
The fresh funding comes almost after a year for the Bengaluru-based startup. In October last year it had raked in Rs 50 crore from InnoVen Capital, the venture debt arm of the Singapore Government’s sovereign fund Temasek.
The debt funding was follow up round for the logistics startup after it raised $70 million Series C round from the aforementioned existing investors in March 2017.
Founded in April 2015 by Rajesh Yabaji, Hridaya and Ramasubramaniam B, Blackbuck focuses on B2B logistics solutions for long-haul trucking. Through machine learning algorithms, it connects customers with the most suitable fleet operator at any given point of time depending on their source, destination, material to be shipped and other details.
It claims to offer its services in over 1000 locations across the country with over two lakh trucks on its platform.
Blackbuck works with clients like Asian Paints, Unilever, Coke, Britannia, Godrej, Marico, Jyothy Laboratories, EID Parry, and several others.
The company’s revenue grew by seven-fold in FY17 to Rs 566 crore, while losses also increased by more five times to Rs 86 crore. The company is yet to disclose its financial statements for FY18.
Blackbuck competes with Rivigo, Porter, Freightbazaar, TruckSuvidha, Fortigo, Flexport, and several others.