Inter-city logistics company BlackBuck, today announced it has raised USD 70 Million (approximately Rs 476 cr) in a 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. It will also use the funds to scale up operations, the company said in a statement here.
BlackBuck was founded by a three member team with a cumulative 25 Years of logistics experience in April 2015.
"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," Rajesh Yabaji, Cofounder and CEO, BlackBuck said.
According to Novonous market research, road freight is the largest transportation segment in India, constituting around 63 per cent of the total freight movement and, is currently valued at USD 140 billion.
Inter-city logistics accounts for nearly 95 per cent of road freight movement; BlackBuck aims to revolutionize this large segment, removing bottlenecks and inefficiencies, using technology.
BlackBuck currently has over 1,00,000 trucks on its platform, present across 300 locations in the country.
Its client list includes Asian Paints, Unilever, Coke, Britannia, Godrej, Marico, Jyothy Laboratories and EID Parry among others.
In early 2015, BlackBuck had raised Series A funding of USD 5 million from Accel Partners and Flipkart, and a USD 25 million Series B round from Tiger Global and Apoletto (DST-Yuri Milner Founder Fund) with co-investment from Accel and Flipkart in December 2015.
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