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BlackBuck, an online marketplace for trucking, announced on Wednesday that it has closed a $150-million (₹ 1,050 crore) round of equity funding in Series D, led by Goldman Sachs Investment Partners and Silicon Valley-based Accel.
The new investors who participated include Wellington, Sequoia Capital, B Capital and LightStreet. The round also saw participation from existing investors Sands Capital and International Finance Corporation, the investment arm of the World Bank. This takes the total amount of funds raised by the company to over $230 million.
As part of this round, BlackBuck employees have access to liquidating 25 per cent of their total vested stocks, at the current stock price of the company. After 2017, this is the second time BlackBuck is executing a stock liquidation event for the employees . Over the last four years, the company’s employee stock option (ESOP) plan created a cumulative value of over $43 million (₹300 crore), and the company continues to invest heavily in this direction, said Rajesh Yabaji, CEO and Co-Founder, in a statement.
The company currently has over 300,000 trucks and 60,000-plus fleet-owners on its platform. It will deploy these funds to penetrate deeper into the market, by on-boarding new trucking partners along the existing as well as new transportation corridors. The company will invest in product and data sciences capabilities, to enable more efficient freight matching processes.
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