Valued at $951 Mn, Blackbuck closes $24 Mn third tranche from IFC and ICMI

Logistics solutions marketplace Blackbuck has raised the third tranche of its ongoing $150 million round.

This time, both existing and new investors have participated in the round. International Finance Corporation (IFC), a World Bank Group unit and existing backer, has poured in Rs 69.01 crore ($9.86 million) via 3,565 Series D CCCPS priced at Rs 1,93,589.51 each.

This seems to be the $10 million promised investment being talked about in the previous report.

Ithan Creek Master Investors, a Cayman Islands-based hedge fund, has led this tranche with a Rs 103.32 crore ($14.77 million) investment in return for 5,337 Series D CCCPS of the same price.

Ithan Creek Master Investors is a hedge fund owned by U.S. mutual fund manager based in Boston, Wellington Management Co. Wellington itself as an asset manager owns multi-billion worth stakes in companies like JP Morgan, Wells Fargo, Apple, Microsoft etc. (Charlotte Business Journal)

Totaled, this tranche was worth Rs 172.33 crore, i.e. $24.63 million, and takes the round total to Rs 705.43 crore ($104.76 million). As far as the media reports go, this total is slated to go up to $150 million with more investment from existing and new investors.

Till now, the investment had been scored from Goldman Sachs, Accel and B Capital.

The valuation of Blackbuck with this round has reached a range of $923.4 - 951.13 million* and has crossed its indirect competitor Rivigo’s valuation. The next $50 million investment is likely to take this company from being a Soonicorn to Unicorn.