BlackBuck is raising up to $150 million (Rs 1,040 crore) in its latest financing round, led by Silicon Valley-based Accel US Growth Fund and including Goldman Sachs. B Capital and Sequoia Capital, valuing the inter-city trucking and supply chain startup at around $800-850 million, two people familiar with the matter told in a report.
This will be more than a four-fold increase in its valuation from $180 million in 2017. When it last raised capital.
BlackBuck competes with Rivigo and SoftBank-backed Delhivery in its trucking business vertical. These startups are competing in a market which is underdeveloped, highly fragmented and fraught with inefficiencies which can be potentially disrupted through technology adoption. Of the unorganised logistics market, trucking makes up the largest share, with 85% of the industry consisting of small fleet owners with 5-20 trucks.