Blackbuck files DRHP for IPO with SEBI

9 Jul 2024 , 09:48 AM

Logistics unicorn Blackbuck has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO will include a fresh issue of equity shares worth ₹550 Crore and an offer-for-sale (OFS) of 2.16 Crore shares.

Key Selling Shareholders

The IPO will see significant participation from both the company’s founders and investors. Key selling shareholders include:

• Rajesh Yabaji: 22 lakh shares
• Chanakya Hridaya: 11 lakh shares
• Ramasubramanian Balasubramaniam: 11 lakh shares
• Accel: Over 52 lakh shares
• Tiger Global: Close to 9 lakh shares
• Flipkart: Close to 4 lakh shares
• IFC: More than 17 lakh shares

Financial Performance

According to Blackbuck’s DRHP, the company’s revenue from operations increased by 69%, rising from ₹176 Crore in FY23 to ₹297 Crore in FY24. Concurrently, the net loss narrowed from ₹290 Crore in FY23 to ₹194 Crore in FY24.

Utilization of IPO Proceeds

Blackbuck plans to use the proceeds from the IPO for several purposes, including:

• Funding marketing expenses
• Investing in its Non-Banking Financial Company (NBFC) arm
• Product development
• General corporate purposes

Company Overview

Founded in 2015, BlackBuck is operated by Zinka Logistic Solutions Pvt Ltd. It serves as a B2B online trucking platform that connects companies needing to ship goods with truckers. In addition to its primary logistics services, BlackBuck also offers products such as GPS tracking devices, FASTags, and fuel cards.

Unicorn Status and Funding

BlackBuck achieved unicorn status in 2021 when it raised $67 Million as part of its Series E funding round, valuing the company at $1.02 Billion. The round was led by US-based Tribe Capital, IFC Emerging Asia Fund, and VEF. Existing investors, including Wellington Management, Sands Capital, and International Finance Corporation, also participated in this funding round.