Inter-city logistics company, Blackbuck (Zinka Logistics Solutions Pvt. Ltd) has announced that it has raised USD 70 million funding from a clutch of investors in a Series C funding round.
A Series C funding round was led by US-based venture capital firm Sands Capital with the first time investment from World Bank arm International Finance Corp., in Blackbuck, while existing investors Flipkart Ltd, Accel Partners and angel investor Sanjiv Rangrass also participated in the latest round.
However, other existing investors that include the personal investment firm of Russian billionaire, Tiger Global Management, Apoletto, and the founder of DST Global, Yuri Milner, didn’t participate in the latest round.
The firm had earlier raised USD 30 million in 2015 – USD 5 million from Flipkart and Accel Partners in June followed by USD 25 million from Tiger Global, Apoletto Accel Partners, and Flipkart in September.
The company was founded by former ITC Ltd executives Chanakya Hridaya and Rajesh Yabaji along with a transport industry veteran, Ramasubramaniam B., in April 2015.
Blackbuck acts as a marketplace connecting likely customers, who are essentially small and large businesses with freight operators and truck owners for inter-city transport of goods.
The company is also piloting a platform where operators and truck owners can access extra services to run a business — be it purchase of insurance or sale of trucks.