Flipkart-backed logistics startup BlackBuck plans $300 million IPO: What we know - Hindustan Times
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Flipkart-backed logistics startup BlackBuck plans $300 million IPO: What we know

Mar 04, 2024 02:50 PM IST

BlackBuck IPO: BlackBuck was started in 2015 and is run by Zinka Logistic Solutions Pvt Ltd.

BlackBuck IPO: Logistics startup BlackBuck which is backed by Flipkart may go public in the next fiscal year as it aims to raise $300 million, Moneycontrol reported citing people in the know. A source said as per the report, “They recently appointed merchant bankers and lawyers to advise on their proposed initial public offering (IPO) and have started work on the preparation of their draft red herring prospectus. They are looking to file the DRHP with the full FY24 financial numbers. The company is looking to hit the market with its IPO in the second half of FY25."

BlackBuck IPO: BlackBuck was started in 2015.
BlackBuck IPO: BlackBuck was started in 2015.

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BlackBuck IPO: What we know about BlackBuck?

BlackBuck was started in 2015 and is run by Zinka Logistic Solutions Pvt Ltd. The B2B online trucking platform connects companies looking to ship goods with truckers and has a services business that sells GPS tracking devices, FASTags as well as fuel cards.

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BlackBuck IPO: What we know about the IPO?

The BlackBuck IPO will be a mix of a fresh issue of shares to raise money as well as a secondary sale of shares by existing investors of the company, the report claimed, adding, “These are early days and the company and its investors are still in discussions over the secondary share sale component of the deal.”

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The proceeds will be used to scale up its services business, it added.

BlackBuck IPO: What we know about the financials?

BlackBuck became a unicorn in 2021 when it raised $67 million in a fundraise led by US-based Tribe Capital, IFC Emerging Asia Fund and VEF. The company's consolidated revenue from operations declined 15 per cent in FY23 to 704.18 crore from 832.57 crore in the previous year.

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The company's loss increased marginally to 290.47 crore in FY23 as against a loss of 284.55 crore in the year-ago period, the filing showed.

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