B2B logistics startup BlackBuck received a significant boost recently by raising $25 million in Series B funding from Global and other investors. Another significant participant was Russian billionaire-investor Yuri Milner, whose Apoletto fund is also looking set to propel BlackBuck to the next level. Existing investors Accel Partners and Flipkart also participated in this round.
What is BlackBuck?
BlackBuck was founded in April 2015 by IIT Kharagpur alimni Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B. The startup is based in Bangalore. Its ultimate aim is to bring together truckers and transporters on a holistic and innovative platform to create the go-to startup for logistics and transportations solutions across the country. Given the difficulties which companies face in arranging for important material, and the resultant high costs and operational hindrances, BlackBuck’s services will come as much-needed relief. According to Yabaji, much of the USD 100 billion freight sector is disorganized. Thus, BlackBuck’s services have immense potential not only in making life easy for their fellow entrepreneurs, but also for truckers and transporters by giving them secure income generation options. BlackBuck’s technology-centric platform is likely to give its services the extra boost over its numerous competitors.
BlackBuck already moves freight loads from one big city to another, on a pan-Indian basis. Among its numerous clients are Asian Paints, Unilever, Godrej, Jyothy Laboratories and EID Parry. The funding raised in this round is likely to be used for further scaling up, and for bringing a much greater section of clients onboard. Currently, BlackBuck’s services can be availed of in 40 locations across the country, and its operations are spearheaded by an excellent team of 200 members. The startup targets to expand its profile greatly by hosting services in 200 locations in the near future. Moreover, technological upgradation is also one of the funding’s aims.
A very many startups in addition to BlackBuck are seeking a share of the B2B logistics pie-these include the likes of Delhivery, HoliSol, GoJaVaS and DotZot. The startup which brings forward the best technological innovations to create the most cost-efficient network is likely to bad the biggest portion of the estimated $300 billion prize by 2020.
The BlackBuck website can be visited here for more information, or to avail of their services.