nline trucking platform BlackBuck on Thursday said it has raised $67 million as a part of its Series E funding round at a valuation of $1.02 billion, making it the newest entrant to India’s growing list of unicorn startups.
The fundraise was led by US-based Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors including Wellington Management, Sands Capital and International Finance Corporation also participated.
BlackBuck is the sixteenth startup and the first logistics firm to turn a unicorn this year. The startup is also backed by B Capital, Flipkart, Sequoia Capital and Tiger Global.
With the latest fundraise, the company plans to deepen its market penetration and launch new service offerings. The six-year-old startup is a digital logistics provider connecting businesses and shippers with truck owners for inter-city logistics in minerals, metals, fast-moving consumer goods among sectors.
Rajesh Yabaji, co-founder and chief executive of BlackBuck, said that the company is looking to foray into financial services and help its trucking partners with insurance and other working capital needs. “We want to now foray into financial services and provide all kinds of financing and working capital products to meet the needs of our trucking partners,” said Yabaji.
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