Online B2B logistics solution provider BlackBuck had entered FY18 with $70 million Series C funding round led by Sands Capital. The company has now filed the annual reports for FY18 with MCA revealing its performance for the year.
The company has recorded a 59.1 per cent hike in revenue, up from Rs 566.83 crore in FY17 to Rs 901.9 crore in FY18. Basic turnover of the company contributed 98.5 per cent to the revenue – Rs 888.76 crore, a 57.7 per cent up from Rs 563.55 crore in the previous fiscal.
Expenses for the Accel-backed company increased 56 per cent from Rs 653.34 crore to Rs 1,018.61 crore. The major burn was caused by transportation expenses (including freight) amounting to Rs 880.03 crore, a 59.2 per cent increase from Rs 552.67 crore in the previous fiscal.
This goes on to elaborate on how the company is growing in the ecosystem and at the same time is working on its profitability metrics.
Even if the company’s losses grew by 35 per cent to Rs 116.71 crore from Rs 86.51 crore in FY17, the gap between topline and baseline metrics increased.
In other words, while the revenue was 6.4 times the losses in FY17, in the latest fiscal the ratio increased to 7.7X.
It was reported that the company raised about $7.69 million as debt capital from InnoVen Capital in December last year, however, there is no report indicating any such transaction.
In the latest series of events, Sequoia had led a Rs 203 crore – along with existing investors Accel India Ventures and Sands Capital in the Bengaluru-based company.