In a recent board resolution, Blackbuck, previously known as Zinka Logistics Solutions Private Limited, approved its change of status and is now officially Zinka Logistics Solutions Limited. This strategic move is expected to facilitate the company’s fundraising efforts, allowing it to tap into a broader investor base to support its growth ambitions.
Founded nine years ago, Blackbuck specializes in B2B logistics solutions, particularly for long-haul trucking, serving large enterprises as well as medium and small enterprises (MSMEs). The company has successfully raised over $350 million, including a $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF. This funding milestone propelled the Flipkart-backed firm into the unicorn club.
According to TheKredible, a startup data intelligence platform, Accel holds the largest external stake in Blackbuck at 18.58%, followed by Quickroutes International and Sans Capital Growth. The company’s co-founders, Rajesh Yabaji, Chanakya Hridya, and Ramasubramaniam Balasubramaniam, collectively own 26.82%.
Despite its substantial fundraising, Blackbuck’s financial performance has seen a downturn. Its revenue from operations dropped 15.5% to Rs 704 crore in FY23, down from Rs 833 crore in FY22. However, the company has managed to control expenses, reducing its losses slightly to Rs 290 crore in FY23 from Rs 285 crore in FY22. The company has yet to file its annual report for FY24.
Blackbuck is aiming to go public in the second half of FY25, targeting up to $300 million in capital. This will position Blackbuck among the few tech IPOs with a revenue decline over three consecutive years (FY21 to FY23).
In the broader market, several new-age internet companies have gone public in 2024, including TBO Tech, Digit Insurance, and Awfis. Ixigo is scheduled to list on June 18, while Ola Electric, MobiKwik, and FirstCry are also preparing for their public debuts later this year.
Source: Entrackr
