BlackBuck, an India-based freight services provider backed by e-commerce platform Flipkart, has increased its series D round to approximately $112m following a $36m tranche, the Economic Times has reported.
Accel Growth, which is managed by venture capital firm Accel, provided $31m of the capital, while VC firm B Capital Asia contributed $4.9m through its Global BB SPV I fund and another $195,000 through its B Capital Asia I vehicle. The funding valued the company at more than $900m, according to ET.
BlackBuck is seeking a $150m final close for the round, which stood at $74.9m as of last month after investment bank Goldman Sachs, Accel Growth, B Capital, Sequoia Capital, Sands Capital and the World Bank-owned International Finance Corporation (IFC) had invested.
Founded in 2015, BlackBuck operates an online freight aggregation service that matches shippers with truckers who have excess space available in their vehicles, in real time. Its network consists of more than 280,000 drivers.
The platform offers a fleet management tool and also facilitates payments and freight insurance. BlackBuck relies on data science and artificial intelligence to determine the most efficient routes for trucks and goods distribution.
The company had previously received approximately $100m in funding, including $70m in a series C round led by Sands Capital and backed by Flipkart and IFC in 2017.
Flipkart had already contributed to a $5m Accel-led series A round for BlackBuck in 2015. Both investors returned later the same year for a $25m series B that included Tiger Gllobal Management and Apoletto Asia.
