India-based logistics service provider BlackBuck has completed a $70m series C round that included e-commerce company Flipkart, TechCrunch reported yesterday.
Investment manager Sands Capital Management led the round, which also featured venture capital firm Accel and International Finance Corporation (IFC), the private investment arm of World Bank.
Founded in April 2015, BlackBuck runs an online marketplace that connects e-commerce companies with freight operators or truckers with spare capacity. It also supplies telematics technology to help customers track stock.
The company will invest the series C capital in expanding into new markets and the strengthening of its technology in a bid to enhance its matching capabilities.
Reports last month stated IFC and Sands Capital had each agreed to invest $10m in the round, then sized at $30m, though BlackBuck was at the time looking to increase its size to as much as $75m.
Flipkart had previously contributed to the company’s $5m series A round, which was led by Accel and closed in mid-2015.
BlackBuck subsequently raised $25m in series B funding from Flipkart, Tiger Global Management, Accel and investment fund Apoletto Asia at the end of 2015.