Blackbuck, which is backed by Facebook co-founder Eduardo Saverin's fund B Capital, saw its valuation jump from $862 million in the last fundraising to $912 million following its latest round of capital infusion. It competes with Warburg Pincus-backed Rivigo.
Bengaluru-based logistics startup Blackbuck is next in line to enter the hallowed unicorn club of companies valued at $1 billion or above. The startup, which focuses on long-haul logistics market to maximise efficiency for underutilized trucks and optimising time and cost for shippers through technology, saw its valuation jump from $862 million in its last fundraising to $912 million following its latest round of capital infusion.
“The current round values Blackbuck at $912 million or Rs 6294.9 crore post-money valuation as per our estimate,” business signals platform Paper.vc Founder Vivek Durai told Financial Express Online.
Blackbuck raised $35.5 (Rs 249 crore) million for the current round of funding from Accel Growth Fund and Facebook co-founder Eduardo Saverin’s fund B Capital Group, showed regulatory filing sourced by Paper.vc.
While $30.5 million was contributed by Accel, B Capital’s global fund put around $4.8 million and the rest was backed by its Asia fund.
Blackbuck allotted 12,903 series D compulsory convertible preference shares. The investment was made as per “the resolution passed by the directors of the company in board meeting held on April 30 2019,” the document showed.
The new round comes less than a month after Blackbuck raised $43 million from Goldman Sachs and B Capital.
Rajesh Yabaji, Co-founder at Blackbuck wasn’t accessible for comments while filing this report.
Blackbuck’s competitor Rivigo had also reportedly raised $35.6 million from Warburg Pincus and Saif Partners. The round took its total amount of funding to $216.2 million vis-a-vis $214.7 million raised so far by Blackbuck across six rounds, as per deals tracker Crunchbase.
Blackbuck operates as a marketplace for trucking logistics, which is unlike Rivigo’s asset-heavy model of owning trucks, to help shippers connect with truckers. On the other hand, surface transport company Rivigo has ‘relay-as-a-service’ model where drivers drive for four-five hours from their base location to ‘relay’ the truck to another driver and drive back another truck to his base location. This saves long hours for drivers on the road.
E-commerce logistics startup Delhivery also turned unicorn last month with $413 million funding round led by the SoftBank Vision Fund. The round reportedly marked the company valuation at over $1.5 billion.