India’s largest trucking network, BlackBuck, has raised USD 150 million in a funding round led by Goldman Sachs Investment Partners and Silicon Valley-based Accel.
Existing investors Sands Capital and International Finance Corporation, the investment arm of the World Bank, Wellington, Sequoia Capital, B Capital and LightStreet also participated in the funding round. Founded in 2015, BlackBuck brings the offline operations of trucking online including matching a shipper with a trucker or reshaping the infrastructure around trucking to facilitate payments, insurance, and financial services.
The company has now raised over USD 230 million in funding so far. As part of this round, the employees at BlackBuck have access to liquidating 25 per cent of their total vested stocks at the current stock price of the company. This is the second time BlackBuck is executing a stock liquidation event for the employees of the company, the first one was in 2017.
The company will deploy these funds to penetrate deeper into the market by on boarding new trucking partners along the existing as well as new transportation corridors. The company will invest heavily in product and data sciences capabilities to enable more efficient freight matching processes. Source: The Economic Times