Exclusive: Blackbuck, supported by Flipkart, transitions into a public company

Online trucking platform Blackbuck has transitioned into a public company, marking a significant move towards its anticipated initial public offering (IPO). The board approved changing the company's status from private to public, resulting in a name change from Zinka Logistics Solutions Private Limited to Zinka Logistics Solutions Limited. This conversion is expected to help the company raise funds from a larger pool of investors to support its growth and vision, according to the filings.

Founded nine years ago, Blackbuck offers B2B logistics solutions for long-haul trucking and provides intercity logistics services to large companies, including small and medium enterprises (SMEs). To date, Blackbuck has raised over $350 million, including a $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF, which helped it achieve unicorn status. According to startup data platform TheKredible, Accel is the largest external stakeholder with 18.58%, followed by Quickroutes International and Sans Capital Growth. The co-founders Rajesh Yabaji, Chanakya Hridya, and Ramasubramaniam Balasubramaniam collectively hold 26.82% of the company.

Blackbuck's operational revenue fell 15.5% to Rs 704 crore in FY23 from Rs 833 crore in FY22. Despite the revenue drop, the company managed to reduce its expenses, keeping its losses at Rs 290 crore in FY23, slightly up from Rs 285 crore the previous year. Media reports indicate that Blackbuck plans to go public in the second half of FY25, aiming to raise up to $300 million. Blackbuck will be among the few tech IPOs to have seen a revenue decline for three consecutive years (FY21 to FY23). The company has yet to file its annual report for FY24.

Several new-age internet companies, such as TBO Tech, Digit Insurance, and Awfis, have gone public in 2024, with Ixigo set to list on June 18. Additionally, Ola Electric, MobiKwik, and FirstCry are preparing for their IPOs this year.