Blackbuck eyes unicorn tag with fresh funds
BENGALURU: Logistics startup Blackbuck is in talks to raise $150-250 million, as it seeks to capture the massive trucking market and take on bigger rival Rivigo, according to two people familiar with the development.
The Bengaluru-based company is seeking a $1 billion valuation in this round, though it is unclear if investors would meet this price, said one of the people cited above.
Blackbuck (Zinka Logistics Solutions Pvt. Ltd) has appointed Jpmorgan as its investment banker for the proposed new round, the two peo- ple cited above said.
The trucking startup has approached a bunch of investors, including Naspers and Softbank, the people said. It has also initiated discussions with strategic investors for the fundraise, they said. None of the discussions has reached an advanced stage.
Blackbuck’s funding discussions come almost two months after it secured ₹202 crore in a round led by new investor Sequoia Capital.
The company has so far raised over $100 million from investors including Accel Partners, Sands Capital and Tiger Global.
Emailed queries sent to Blackbuck and Naspers did not elicit a response.
A Softbank spokesperson said, “We don’t comment on speculation.”
Founded in 2015 by former ITC Ltd executives Rajesh Yabaji and Chanakya Hridaya, along with Ramasubramaniam B., a transport industry veteran, it provides a marketplace that connects businesses with truck owners and freight operators for intercity transport of goods.