Blackbuck joins unicorn club with fresh funding

Online trucking platform BlackBuck has turned unicorn after securing $67 million in crisp financing led by Tribe Capital, IFC Emerging Asia Fund and VEF at a valuation of more than $1 billion.

The venture, which is important for the organization’s series E financial round, additionally saw support from existing investors Wellington Management, Sands Capital and International Finance Corporation, the organization said in a statement on Thursday.

The Bengaluru-based firm had last brought $150 million up in funding from a clutch of investors in May 2019 at an expected valuation of around $850 million. The organization’s complete asset count currently remains at more than $300 million. BlackBuck counts Accel, Apoletto Asia, B Capital, Flipkart and Goldman Sachs among its early partners.

The organization will deploy the fresh capital to widen its range and launch new services for clients. A segment of the assets will likewise be used to build on product and data sciences capabilities. “The new financing round gives us more capability to put resources into in a general sense hard trucking problems and continue deepening our reach and impact,” co-founder and CEO Rajesh Yabaji said.