Logistics Startup BlackBuck Raises 25M Dollar From Tiger Global Accel Partners Flipkart and Apoletto
BlackBuck, a business-to-business logistics startup, has raised $25 million in Series B funding from Tiger Global and other investors. Russian billionaire-investor Yuri Milner’s Apoletto fund and existing investors Accel Partners and Flipkart also put money in this round, the Bangalore-based company said in a statement.
The startup, owned by Zinka Logistics Solutions Pvt Ltd, would use the funds for expansion, to build products and set up the team.BlackBuck was founded in April this year by IIT Kharagpur alumni Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B. It had received $5 million in funding earlier this year from Accel Partners and Flipkart.
BlackBuck has 200 employees and has presence in 40 locations across the country. It plans to expand to 200 locations over the next year. The company said its clients include Asian Paints, Unilever, Britannia, Godrej, Marico, Jyothy Laboratories and EID Parry.
Anand Daniel, who led Accel Partners’ investment in BlackBuck, said the company’s tech-enabled marketplace model makes it uniquely placed to scale rapidly in a large industry that is highly fragmented. Binny Bansal, COO and co-founder of Flipkart, said BlackBuck brings in new tech capabilities that will strengthen Flipkart’s supply chain.
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