BlackBuck, a logistics firm, reported a loss of Rs 290 crore in the financial year 2023, a slight increase from the previous year’s Rs 284 crore. The company’s revenue from operations saw a 15% decline, dropping to Rs 704 crore from Rs 832 crore in the prior year.
Expense reduction and funding
Despite the revenue downturn, BlackBuck reduced its total expenses by 12%, bringing them down to Rs 1,014 crore. In July 2021, the startup raised $67 million in a Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF and other investors at a valuation of more than $1 billion.
Strategic shift and investment focus
BlackBuck shifted its focus from operating a trucking marketplace to offering digital value-added services. The strategic pivot was influenced by increased smartphone usage and the government’s FASTag mandate in 2019. The company planned to invest significantly in product and data science to enhance freight matching efficiency in India’s trucking ecosystem.
Chanakya Hridaya, Co-founder and Chief Sales Officer of BlackBuck explained the strategic shift in an interview. He highlighted the opportunity to acquire truck owners for toll payments on their platform, leveraging the rise in smartphone penetration and the FASTag mandate.
What does BlackBuck do?
Founded in 2015 by Chanakya Hridaya, Rajesh Yabaji, and Ramasubramaniam B, BlackBuck began as a platform linking truckers with businesses for goods transportation. Currently, the company boasts over 1 million transacting users on its comprehensive platform, marking significant growth from its initial aggregation/marketplace business model.
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