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Bangalore-based BlackBuck caters to long-distance in-land truck requirements of companies, providing them with a low-cost channel of freight procurement
BlackBuck, an online marketplace for inter-city logistics, has announced it has secured US$70 million in Series C funding from Sands Capital and existing investors.
The latest round of funding will be invested in building technology-led products for the freight industry to bring out efficiencies for, both, customers and truckers. The Bangalore-based company will also use a portion of the funds to scale up operations.
BlackBuck was founded in April 2015 by Rajesh Yabaji, Chanakya Hridaya and Ramasubraman, who together have 25 years of logistics experience.
BlackBuck is an online marketplace for inter-city trucking. It caters to long-distance in-land truck requirements of companies, providing them with a low-cost channel of freight procurement.
The company currently has over 1,00,000 trucks on its platform, present across 300 locations in the country. Its customers include Asian Paints, Unilever, Coke, Britannia, Godrej, Marico, Jyothy Laboratories and EID Parry.
In early 2015, BlackBuck had raised Series A funding of US$5 million from Accel Partners and Flipkart. Later, in December 2015, it secured US$25 million Series B round from Tiger Global and Apoletto (DST-Yuri Milner Founder Fund) with co-investment from Accel and Flipkart.
Speaking on the latest funding, Rajesh Yabaji, Co-founder and CEO, said, “At BlackBuck we are building products which will run logistics for the country in the near future. It is magical to see the infusion of technology in such an unorganised and fragmented field like logistics. Over the past couple of years, our understanding of freight dynamics has helped us create defensible frontiers in this industry. The journey going ahead is to fuel this revolution and enable the entire transportation ecosystem to converge towards it. This round of fund raise will help us invest much more aggressively in products & technology.”
According to Novonous market research, road freight is the largest transportation segment in India, constituting around 63% of the total freight movement and, is currently valued at $140 billion. Inter-city logistics accounts for a massive 95% of road freight movement; BlackBuck aims to revolutionize this large segment, removing bottlenecks and inefficiencies, using technology.
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Image Credit: Pixabay
