Bangalore-based freight-booking startup BlackBuck has received $70 million funding in its Series C round led by Sands Capital. Existing investors Accel Partners, Tiger Global, Apoletto and Flipkart also participated in the round, the company said in a statement.
Blackbuck will use the proceeds for building technology led products for the freight industry and a part of the funding will also be used to scale up operations.
“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,” said Rajesh Yabaji, founder, BlackBuck.
Technology-enabled logistics firm BlackBuck was founded in 2014 by Rajesh Yabaji, Chanakya Hridaya, and Bala Ramasubramania. The company claims to operate through one lakh trucks transporting freight across the country.
In January, DEALSTREETASIA had first reported that International Finance Corp, the private sector investment arm of the World Bank Group, committed $10 million in the company.
In December 2015, BlackBuck had raised $25 million in Series B round led by Tiger Global, Apoletto (Yuri Milner’s Founders Fund), Accel and Flipkart. Run by Zinka Logistics Solutions, it had earlier secured $6 million.
The road freight is the largest transportation segment in India which is constituting around 63 per cent of the total freight movement and, is currently valued at $140 billion, according to Novonous market research. Inter-city logistics accounts for a massive 95 per cent of road freight movement, according to the research report.