International Finance Corporation (IFC), the private sector arm of multilateral financial institution World Bank, is set to invest up to $10m in BlackBuck, an India-based logistics services provider backed by e-commerce company Flipkart, DealStreetAsia has reported.
IFC’s commitment is being made as part of a larger round that includes unnamed existing and new investors.
Established in early 2015, BlackBuck, operates a logistics marketplace that enables companies to book services from long-haul lorry drivers. It also offers related services such as toll and fuel cards through partnerships with third parties including non-banking financing firms and fuel retailers.
The funding will be used to drive company growth, and BlackBuck also plans on building a full platform for its related services offering.
BlackBuck raised $25m in series B funding in December 2015 from Flipkart, investment firm Tiger Global Management, venture capital firm Accel and Apoletto Asia, an investment fund backed by entrepreneur Yuri Milner. Flipkart had previously part in a $5m series A round in July 2015 that was led by Accel.
– The original version of this article appeared on our sister site, Global Government Venturing.