Blackbuck Files ₹550 Crore IPO Prospectus for Fresh Share Issue

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

The selling shareholders in the Blackbuck IPO include founders Rajesh Yabaji, who will sell 22 lakh shares, Chanakya Hridaya, who will sell 11 lakh shares, and Ramasubramanian Balasubramaniam, who will sell 11 lakh shares.

Investor participants in the IPO include Accel, which will sell over 52 lakh shares, Tiger Global, which will sell close to 9 lakh shares, Flipkart, which will sell close to 4 lakh shares, and IFC, which will sell more than 17 lakh shares. According to the company’s DRHP, revenue from operations surged by 69 percent from Rs 176 crore in FY23 to Rs 297 crore in FY24, while the net loss reduced from Rs 290 crore in FY23 to Rs 194 crore in FY24.

Blackbuck intends to use the IPO proceeds to fund marketing expenses, invest in its NBFC arm, allocate resources towards product development, and for general corporate purposes. Founded in 2015, BlackBuck, operated by Zinka Logistic Solutions Pvt Ltd, is a B2B online trucking platform connecting companies needing to ship goods with truckers. The company also offers services like GPS tracking devices, FASTags, and fuel cards.

BlackBuck achieved unicorn status - a startup valued at at least $1 billion — in 2021 when it raised $67 million in its Series E funding round, valuing the company at $1.02 billion. This fundraising round was led by US-based Tribe Capital, IFC Emerging Asia Fund, and VEF, with participation from existing investors including Wellington Management, Sands Capital, and International Finance Corporation.

Since its founding, BlackBuck has been instrumental in digitizing trucking operations, from matching shippers with truckers to transforming trucking infrastructure to support payments, insurance, and financial services. Today, BlackBuck boasts India’s largest trucking network, and its robust 'Freight' and 'Services' technology platforms ensure reliability, efficiency, and a seamless experience for both shippers and truckers.