India-based online freight aggregator BlackBuck has reportedly raised at least $30m for its series C round, two people aware of the development told news provider LiveMint.
International Finance Corporation, the private sector investment agency of the World Bank, and VC firm Sands Capital have committed about $10m each. IFC’s commitment was previously reported in January 2017.
BlackBuck is said to be in talks with new investors to raise at least $30m more after rival Rivigo raised $75m from private equity firm Warburg Pincus in November 2016.
Existing investors, e-commerce company Flipkart and VC firm Accel Partners, along with angel investor Sanjiv Rangrass, are said to be considering contributions to that extension. Hedge fund Tiger Global Management and investment firm Apoletto are not expected to return.
BlackBuck, incorporated in 2015 as Zinka Logistics Solutions, acts as a marketplace connecting potential customers, who are essentially large and small businesses, with truck owners and freight operators for inter-city transport of goods. Its customers include ITC, Asian Paints, Britannia Industries and Marico.
Blackbuck previously raised $30m in quick succession in 2015 – a $25m series B round from Flipkart, Tiger Global, Accel Partners, Apoletto in September that year, and $5m in a series A round from Flipkart and Accel Partners in June.
– This article first appeared on our sister site Global Government Venturing.