As per the sources, the Bengaluru-headquartered BlackBuck board has approved allotment of 322 Series D CCPS equity shares and 500 series A non-convertible debentures by private placement to Trifecta.
The logistics space BlackBuck will be using the infused funds in supporting product and data sciences capabilities to enable more efficient freight matching processes.
The company BlackBuck offers its services across more than 1,000 locations and also reaches more than 2,000 villages in India.
BlackBuck claims to work with around 3 Lakh truckers and says the increase in the number of fleet owners has led to a 30 per cent rise in earnings.
As per its LinkedIn page, BlackBuck has truck services listed on its platform and does an intelligent match for customers, based on their requirements.
Furthermore, the Indian logistics sector is currently valued at $160 billion and is expected to hit $215 billion by 2020 with the demand coming mainly from the Indian e-commerce industry.