Blackbuck files IPO prospectus for Rs 550 crore fresh issue of shares

Logistics Unicorn Blackbuck Files for IPO with Markets Regulator

Following a series of initial public offerings by venture-backed technology startups, logistics unicorn Blackbuck has filed a draft red herring prospectus with the markets regulator. The filing includes a fresh issue of Rs 550 crore and an offer for sale of 2.16 crore shares.

Key Shareholders Selling in the IPO

• Founders:
• Rajesh Yabaji: 22 lakh shares
• Chanakya Hridaya: 11 lakh shares
• Ramasubramanian Balasubramaniam: 11 lakh shares
• Investors:
• Accel: Over 52 lakh shares
• Tiger Global: Close to 9 lakh shares
• Flipkart: Close to 4 lakh shares
• IFC: More than 17 lakh shares

Financial Performance

According to the company’s draft red herring prospectus (DRHP), Blackbuck’s revenue from operations surged by 69%, rising from Rs 176 crore in FY23 to Rs 297 crore in FY24. The net loss also decreased significantly from Rs 290 crore in FY23 to Rs 194 crore in FY24.

Planned Use of IPO Proceeds

Blackbuck plans to utilize the IPO proceeds to:

• Fund marketing expenses
• Invest in its NBFC arm
• Spend on product development
• General corporate purposes

Blackbuck’s Growth and Operations

Founded in 2015, Blackbuck, operated by Zinka Logistic Solutions Pvt Ltd, is a B2B online trucking platform connecting companies with truckers. It also offers services like GPS tracking devices, FASTags, and fuel cards. In 2021, Blackbuck achieved unicorn status with a valuation of at least $1 billion after raising $67 million in a Series E funding round led by Tribe Capital, IFC Emerging Asia Fund, and VEF, with participation from existing investors Wellington Management, Sands Capital, and International Finance Corporation.

Transforming Trucking in India

Blackbuck’s innovative platform has made a significant impact, with one in three truckers in India using their services. CEO Rajesh Yabaji is committed to revolutionizing the trucking industry in India.

By focusing on strategic growth and operational efficiency, Blackbuck is poised to continue its transformative journey in the logistics sector.