Founded in April 2015 by IIT Kharagpur alumni Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B, Bangalore-based B2B logistics startup, BlackBuck has raised $25 million in Series B funding from Tiger Global and other investors. Russian billionaire-investor Yuri Milner’s Apoletto fund and existing investors Accel Partners and Flipkart also participated in the round. Earlier this year, it had raised $5 million from Accel Partners and Flipkart.
The raised funding will be used for expansion, to build products and set up the team. Currently, the company has 200 members in its team and has presence in 40 locations across the country. Going forward, it plans to expand to 200 locations over the next year.
BlackBuck is an online marketplace for logistics transactions, brings truckers and customers on a platform to execute the transaction. It helps customers to move Full Truck Loads between cities. Its client base include Asian Paints, Unilever, Britannia, Godrej, Marico, Jyothy Laboratories and EID Parry.
This investment comes just two months after Snapdeal invested $20 million in Gurgaon based GoJavas, an eCommerce logistics firm. Currently, Flipkart bought back its logistics arm eKart logistics from WS Retail in September this year. Amazon also has its own logistics arm named Amazon Transportation Services, in India.
As per a report by Novonous, Logistics Market in India is expected to be worth over $300 billion by 2020. Delhivery, HoliSol, GoJaVAS, DotZot are a few other dedicated eCommerce logistics companies in the country.Category Ecommerce Investments News