BlackBuck, a logistics startup backed by Tiger Global Management, has announced that it has secured ₹50 crore in a new debt funding round from InnoVen Capital.
According to the documents filed with the Registrar of Companies, the startup has secured the funds through a hypothecation deed dated September 18 this year.
The company will use the newly raised funds to expand its service offerings. Rajesh Yabaji, co-founder and CEO of the company, said,
The funds will get ploughed into the growth of the organization, which is typically around people, processes and product. We plan to penetrate deeper… and expand our offering to other services.
For us it was about trying out different sources of capital. At different phases, access to different sources of capital has opened up for us. Venture debt is one of the things we wanted to try. Innoven had been in touch with us for the past one-and-a-half years. They are an excellent team of skilled people who are entrepreneur friendly and understand the business and related challenges for new-age companies.
Ashish Sharma, chief executive at InnoVen Capital India, said,
We are seeing strong interest from start-ups to explore venture debt as a means of financing. Given our Asian footprint across India, South-east Asia and recently, China, we are able to offer a unique value proposition to support Indian companies which have global aspirations. Our combination of on-shore/off-shore funding helps such companies optimize their funding mix & costs.
BlackBuck was founded in April 2015 by IIT Kharagpur alumni Rajesh Yabaji, Hridaya and Ramasubramaniam B. The startup focuses on B2B logistics solutions for long-haul trucking.
The platform brings together shippers and truckers through its online marketplace to book freight for inter-city transportation. The company operates on an asset-light business model. It matches truckers with shippers through its online platform and minimises downtime for trucks and maximises the utility of the asset for the truck operator.