AAA Blackbuck racks up new funding

Blackbuck racks up new funding

Blackbuck, an India-based freight services marketplace that counts e-commerce firm Flipkart as an investor, has received Rs 870m ($12.4m) in a round led by Sands Capital Ventures, VCCircle has reported.

Sands Capital Ventures, the venture capital unit of investment manager Sands Capital Management, invested $7.2m in the round, with the rest supplied by International Finance Corporation (IFC), the private investment branch of the World Bank.

Founded in 2015, Blackbuck has developed an online marketplace that enables businesses with shipping requirements to connect with truck drivers and fleet operators.

The round valued the company at between $202m and $207m according to VCCircle. Blackbuck was in talks last month to raise between $150m and $250m, the Economic Times had reported.

Blackbuck received $27.3m in an October 2018 funding round led by a $13.5m investment by VC firm Sequoia Capital’s SCI Investment VI fund, with additional capital from Accel and Sands Capital Ventures.

Accel had previously led the company’s $5m series A round in 2015, which included participation from Flipkart. Both returned for a $25m series B later the same year that also featured Tiger Global Management and Apoletto Asia.

Blackbuck raised another $70m in a March 2017 series C round led by Sands Capital Management and backed by Flipkart, Accel and IFC.

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