For Indian truck systems Big inefficiency issue It continues to drag the economy. BlackBuck, one of the few logistics startups trying to overhaul the system, has just gained unicorn status after securing new funding.
Tribe Capital, IFC Emerging Asia Fund, and VEF led a $ 67 million Series E funding round at a 6-year-old startup, valued at $ 1.02 billion (valued $ 1.02 billion). Approximately $ 850 million in 2019 Series D round), BlackBuck CEO Rajesh Yabaji told TechCrunch in an interview earlier this week. BlackBuck is the 16th Indian startup to become a unicorn.
BlackBuck connects companies with truck owners and freight carriers. It has developed a simplified app for Indian truck drivers who are usually less literate to help them embrace their work and easily navigate to their destinations using Google Maps. On the client side, companies can launch similar apps to place orders.
Today, India has about 700,000 truck drivers and 1.2 million trucks connected to the platform, with more than 15 million transactions occurring each month. “Indian truck drivers didn’t achieve true digitization until 2019. Since then, supply activity has increased 20-fold,” says Yabaji.
During this period, blackbuck also changed considerably. The platform has moved from relying on call centers to book orders to an app-based system. Today, Yabaji is reducing reliance on brokers and connecting brokers to smaller regional truck drivers as more truck drivers and fleet owners book directly with their smartphones. Said he helped.
“On the supply side, the platform was built so that it didn’t know who ordered it. Anyone who has access to capacity at a particular location and at a particular time can access the load. As a rule, day one. There was no problem from now on, “he explained. “As I’m talking about today, 95% of the load comes from small fleet owners who own a couple of trucks.”
“India’s supply chain and logistics industry is moving from paper and pencil to digital. BlackBuck’s ability to measure productivity and productivity growth streamlines industry logistics challenges in a short period of time. Its continued fast growth promises to revolutionize India’s trucking ecosystem, “said Arjun Sethi, co-founder and partner of Tribe Capital, in a statement. (By the way, according to people with knowledge of this issue, Tribe Capital is in talks to support at least two more Indian startups.)
This is a developing story. read more…
India’s BlackBuck valued at $1 billion in $67 million fundraise – TechCrunch Source link India’s BlackBuck valued at $1 billion in $67 million fundraise – TechCrunch