India’s trucking system has a big inefficiency problem that continues to drag the economy. BlackBuck, one of the handful of logistics startups that is trying to overhaul this system, has just raised a new financing round and attained the coveted unicorn status.
Tribe Capital, IFC Emerging Asia Fund and VEF led the $67 million Series E financing round in the six-year-old startup, valuing it at $1.02 billion, BlackBuck chief executive Rajesh Yabaji told Stock Market Pioneer in an interview earlier this week. BlackBuck is the 16th Indian startup to become a unicorn.
BlackBuck connects businesses with truck owners and freight operators. It has developed a simplified app for truck drivers in India, who are typically not very literate, to help them accept work and easily navigate to their destination using Google Maps. On the client side, businesses can fire up a similar app to place orders.
About 700,000 truckers and 1.2 million trucks in India today are connected to the platform, which sees over 15 million transactions each month. “India’s truckers did not go truly digital till 2019. Since then, the supply activity has gone up by 20 times. That is the transformation our business has undertaken,” he said.
This is a developing story. More to follow…