India’s BlackBuck valued at $1 billion in $67 million fundraise

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India’s trucking strategy has a big inefficiency problem that continues to resistance the economy. BlackBuck, 1 of the fistful of logistics startups that is trying to overhaul this system, has conscionable attained the unicorn presumption aft securing caller funds.

Tribe Capital, IFC Emerging Asia Fund and VEF led the $67 cardinal Series E financing circular successful the six-year-old startup, valuing it astatine $1.02 cardinal (up from about $850 cardinal successful 2019 Series D round), BlackBuck main enforcement Rajesh Yabaji told TechCrunch successful an interrogation earlier this week. BlackBuck is the 16th Indian startup to go a unicorn.

BlackBuck connects businesses with motortruck owners and freight operators. It has developed a simplified app for motortruck drivers successful India, who are typically not precise literate, to assistance them judge enactment and easy navigate to their destination utilizing Google Maps. On the lawsuit side, businesses tin occurrence up a akin app to spot orders.

About 700,000 truckers and 1.2 cardinal trucks successful India contiguous are connected to the platform, which sees implicit 15 cardinal transactions each month. “India’s truckers did not spell genuinely integer till 2019. Since then, the proviso enactment has gone up by 20 times,” said Yabaji.

During this period, BlackBuck, too, has transformed considerably. The level has moved distant from relying connected telephone centres for booking orders to an app-based system. Today, Yabaji said the startup has precise small reliance near connected brokers, who assistance link them to truckers successful smaller regions.

“India’s proviso concatenation and logistics manufacture is moving from insubstantial and pencil to digital. BlackBuck’s quality to measurement output and productivity maturation has streamlined logistical challenges for the manufacture implicit a abbreviated clip frame. Its continued precocious velocity maturation promises to bring adjacent greater translation to the Indian trucking ecosystem,” said Arjun Sethi, cofounder and spouse astatine Tribe Capital, successful a statement. (On a broadside note, Tribe Capital is successful talks to backmost astatine slightest 2 much Indian startups, according to radical with cognition of the matter.)

This is simply a processing story. More to follow…

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