Blackbuck, an India-based logistics service provider backed by e-commerce marketplace Flipkart, has secured Rs 2.02bn ($27.3m) in a funding round led by venture capital firm Sequoia Capital, the Economic Times has reported.
Sequoia’s SCI Investment VI fund provided approximately $13.5m for the round, which also featured VC firm Accel and Sands Capital Ventures, the VC affiliate of investment manager Sands Capital Management.
Blackbuck’s online platform allows shippers to connect to truck drivers and fleet operators, using the company’s technology to optimise deliveries and track the route of the shippers’ goods. It generated a Rs 860m loss from Rs 5.66bn in revenue in 2017, according to ET.
The round took the total raised by Blackbuck to approximately $127m since it was founded in 2012, with Flipkart first investing as part of a $5m series A round led by Accel in 2015.
Both the series A participants returned for a $25m series B round that was also backed by Tiger Global Management and Apoletto Asia later the same year.
Sands Capital Management subsequently led Blackbuck’s $70m series C round in March 2017, investing alongside Flipkart, Accel and the World Bank-backed International Finance Corporation.
