Logistics Startup BlackBuck Files INR 550 crore IPO

BlackBuck, a truck aggregator supported by Accel and Flipkart, has submitted the draft red herring prospectus to the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) to generate Rs 550 crore by issuing new shares.

The public issue comprises an offer for sale (OFS) of 21.6 million shares by current shareholders.

Accel, the primary shareholder in the company with 14% ownership, intends to divest 4.3 million shares and 923,282 shares through its two subsidiaries in the Offer for Sale (OFS) process.

The company plans to allocate Rs 200 crore towards sales and marketing activities, and Rs 140 crore towards investment in its non-bank financial company (NBFC) subsidiary, Blackbuck Finserve. The draft red herring prospectus said that the funds invested in the NBFC subsidiary will be used by BFPL to increase its capital base and fulfill its future capital needs.

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Additionally, Blackbuck plans to allocate Rs 75 crore on product development. As of March 31, the company reported having 963,345 truck operators. In the 2023-24 fiscal year, they recorded 597,638 truck operators who transacted monthly through their Blackbuck App, compared to 458,025 users in the previous fiscal year.

About BlackBuck

Founded in 2015 by Rajesh Yabaji, BlackBuck is India’s largest trucking platform and a pioneer in bringing offline operations of trucking, online. We are committed to our mission of empowering every fleet owner in India to manage and grow his business efficiently.

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