Flipkart-backed BlackBuck to Raise Upto $300 Million from IPO

BlackBuck, the largest trucking network in India, is gearing up for an initial public offering (IPO) in the next fiscal year. Backed by Flipkart, BlackBuck aims to raise up to $300 million from the IPO. The company has already converted itself into a public entity, which will enable it to raise funds from a broader pool of investors.

According to a report by Moneycontrol, the company has recently appointed merchant bankers and lawyers to advise on their IPO. The company has also started working on preparation of their draft red herring prospectus (DRHP).

This move comes as the company seeks to expand its services and grow its core freight business. Flipkart's backing has been instrumental in BlackBuck's journey, and the IPO is a significant step toward realizing their vision.

BlackBuck's platform connects over 700,000 truckers, 10,000 shippers, and 500 partners, streamlining load transportation 1. By leveraging real-time tracking and telematics services, they've made logistics more efficient for all stakeholders.

Founded in 2015, by IIT Kharagpur alumni Rajesh Yabaji, Chankaya Hridaya, and Ramasubramaniam, BlackBuck has been a pioneer in digitizing and simplifying trucking operations in India. BlackBuck connects companies looking to ship goods with truckers efficiently. The company has revamped the trucking infrastructure to facilitate payments, insurance, and financial services.

What sets BlackBuck apart is its focus on making the trucking industry accessible and transparent for small fleet owners and truck drivers. By empowering them with better access to business and revenue, BlackBuck has significantly improved their economic prospects.

BlackBuck also offers GPS tracking devices, FASTags, and fuel cards.

The company is looking to hit the market with its IPO in the second half of FY25.
Advertisements

Post a Comment

Comment

أحدث أقدم