Bengaluru-based logistics platform Blackbuck , founded by Rajesh Yabaji, Chanakya Hridaya, and Ramasubramaniam B , known for its innovative B2B logistics solutions, has made a significant transition from a private entity to a public company, marking a crucial step towards its anticipated Initial Public Offering (IPO). The company’s board recently passed a resolution approving this change, transforming Zinka Logistics Solutions Private Limited into Zinka Logistics Solutions Limited. This strategic decision is poised to enhance Blackbuck’s fundraising capabilities, allowing it to attract a broader spectrum of investors to fuel its growth aspirations.
Blackbuck, established nine years ago, has carved a niche in long-haul trucking logistics, catering to both large enterprises and medium and small enterprises (MSMEs). Over the years, the company has successfully raised over $350 million, with a noteworthy $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF. This influx of capital propelled Blackbuck into the prestigious unicorn club, highlighting its potential and market position.
Data from TheKredible, a startup intelligence platform, reveals that Accel is the largest external stakeholder in Blackbuck, holding an 18.58% share. Other significant stakeholders include Quickroutes International and Sans Capital Growth. The company’s co-founders, Rajesh Yabaji, Chanakya Hridya, and Ramasubramaniam Balasubramaniam, collectively own 26.82% of the firm.
Despite its impressive fundraising achievements, Blackbuck has faced financial challenges. The company’s revenue from operations fell by 15.5%, from Rs 833 crore in FY22 to Rs 704 crore in FY23. However, Blackbuck has managed to slightly reduce its losses, reporting Rs 290 crore in FY23 compared to Rs 285 crore in FY22. The annual report for FY24 is yet to be filed, which will provide further insights into the company’s financial trajectory.
Looking ahead, Blackbuck aims to launch its IPO in the second half of FY25, targeting up to $300 million in capital. This move will place Blackbuck among the few tech companies pursuing an IPO despite experiencing a revenue decline over the past three fiscal years (FY21 to FY23).
The broader market has seen several new-age internet companies going public in 2024, including TBO Tech, Digit Insurance, and Awfis. Ixigo is slated to list on June 18, with other notable firms like Ola Electric, MobiKwik, and FirstCry preparing for their public debuts later in the year.