The internet-based trucking marketplace Blackbuck has gone public. With this, the business takes a step closer to its intended initial public offering (IPO).
The resolution to convert Blackbuck from a private to a public company has been approved by the board. Zinka Logistics Solutions Private Limited is no longer the company name; Zinka Logistics Solutions Limited is now the name.
According to the filings, the planned conversion will assist the business in raising capital from a sizable pool of investors to support its expansion needs and mission.
The nine-year-old company offers intercity logistics services and B2B logistics solutions for long-haul trucking to large companies, including medium-sized and small-medium enterprises (MSMEs).
Blackbuck, the Flipkart-backed company, has raised over $350 million to date, including its $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF, which allowed it to join the exclusive unicorn club.
The media reports that Accel holds the largest percentage of external stakes—18.58%—ahead of Quickroutes International and Sans Capital Growth. A combined 26.82% of the business is owned by its co-founders, Rajesh Yabaji, Chanakya Hridya, and Ramasubramaniam Balasubramaniam.
Blackbuck’s operating revenue dropped from Rs 833 crore in FY22 to Rs 704 crore in FY23, a 15.5% decline. In addition to seeing a decline in revenue, the company also managed costs and kept losses under control, bringing them down from Rs 285 crore to Rs 290 crore in FY23.
Blackbuck intends to raise up to $300 million in capital for its planned IPO in the second half of FY25, according to reports in the media. Among the select few tech IPOs, Blackbuck experienced a three-year revenue decline (FY21 to FY23). The business has not yet submitted its FY24 annual report.
While Ixigo is getting ready to list on June 18, a number of new-age internet companies, including TBO tech, Digit Insurance, and Awfis, have already listed in 2024. This year, Ola Electric, MobiKwik, and FirstCry are all scheduled to list on stock exchanges.
