BlackBuck, a Bengaluru-based B2B logistics start-up, has raised about ₹165 crore ($25 million) in Series B funding from Tiger Global, Apoletto (DST-Yuri Milner’s Founders Fund), Accel and Flipkart.
Earlier this year, Accel Partners and Flipkart had invested $5 million in BlackBuck, which was founded by a three-member team – Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam – with a cumulative 25 years of logistics experience. The venture is an online marketplace for logistics transactions.
BlackBuck has said it will use the money to speed up its expansion, build products and set up the team. Since its inception in April, BlackBuck is a 200-member team now and is present across 40 locations in the country. It plans to expand its footprint to 200 locations through next year. Its clients include Asian Paints, Unilever, Britannia, Godrej, Marico, Jyothy Laboratories and EID Parry.
According to Rajesh Yabaji, co-founder & CEO, BlackBuck, transportation is the largest unorganised sector globally. In India, the freight industry is estimated at $100 billion and contributes to 6 per cent of GDP. A bulk of this is inter-city logistics. The commerce of this industry is unorganised, fragmented and conducted offline. BlackBuck will re-create logistics commerce with technology at its core.