Soon-to-be logistics unicorn Blackbuck has raised three consecutive rounds of capital including the latest $24.8 million in just a little over six weeks. The startup was valued at $912 million in its last funding round.
Long-haul logistics startup and soon-to-be unicorn Blackbuck is on a funding spree. In a little over six weeks, Facebook co-founder Eduardo Saverin and Goldman Sachs-backed Blackbuck has raised three consecutive rounds of capital including the latest $24.8 million secured from IFC and the US-based investment management company Wellington Asset Management.
While IFC was allotted 3,565 Series D compulsorily convertible cumulative preference shares for around $9.8 million, Wellington Asset Management, which invested via Cayman Islands-based hedge fund Ithan Creek Master Investors, was allotted 5,337 shares in exchange of close to $15 million, showed regulatory filing sourced by business signals platform Paper.vc.
Total 8,902 shares of Rs 10 each were issued as per the resolution passed by the directors of the company in a board meeting held on April 26, 2019, the filing showed.
Rajesh Yabaji, Co-founder at Blackbuck wasn’t accessible for comments while filing this report.
Blackbuck raised $35.5 million from Accel Growth Fund and Eduardo Saverin’s fund B Capital earlier this month while it had raised $43 million from Goldman Sachs and B Capital around the second week of March this year.
“The last 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 had told Financial Express Online.
Blackbuck runs a marketplace for trucking logistics, which is unlike its competitor Rivigo’s asset-heavy model of owning trucks, to help shippers connect with truckers. Rivigo — a surface transport company 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 had catapulted to unicorn status 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.
Rivigo had also reportedly raised $35.6 million from Warburg Pincus and Saif Partners in February this year.