Online trucking platform BlackBuck on Thursday announced it has closed a $67 million round of equity financing led by Tribe Capital, IFC Emerging Asia Fund and VEF, taking its valuation to $1 billion and becoming another unicorn from the country.
BlackBuck has close to more than 700,000 truckers and more than 1.2 million trucks on its platform, seeing over 15 million in monthly transactions and currently driving more than 90 per cent market share of all online trucking activity.
"BlackBuck started with a dream to re-imagine trucking, to make it 10X simple and 10X efficient. It has been six years and we are just getting started to make a difference," said Rajesh Yabaji, Co-Founder and CEO of BlackBuck.
Existing investors Wellington Management, Sands Capital, and International Finance Corporation also participated in the round. The company has over 10,000 customers including SMEs and large corporates such as Hindustan Unilever, Reliance, Coca Cola, Asian Paints, Tata, Vedanta, L&T and Jindal.
"India's supply chain and logistics industry is moving from paper and pencil to digital. BlackBuck's ability to measure output and productivity growth has streamlined logistical challenges for the industry over a short time-frame," said Arjun Sethi, Co-Founder and Partner at Tribe Capital.
The company will use these funds to further penetrate the market and launch new service offerings for its customer base.
The company said it will invest heavily in product and data sciences capabilities, with the aim of enabling more efficient freight matching for the Indian trucking ecosystem.