In its latest investment round, Blackbuck announced that it has received 7.69 million USD investment from InnoVen Capital, the venture investment arm of Singapore Government’s state fund Temasek. Meanwhile, Binny Bansal, founder and CEO of Flipkart, has been appointed to the board of business-to-business logistics startup Blackbuck.
Blackbuck plans to use this capital to expand its service capacity. Rajesh Yabaji, the general manager and co-founder of Blackbuck, mentions that the investments received will be used for the continuity of the development of the company around people, processes and products, and they aim to increase the diversity of services by penetrating deeper, and adds that the company focuses on venture investments to diversify its financing sources.
Blackbuck was founded in April 2015 by IIT Kharagpur alumni Yabaji, Hridaya and Ramasubramaniam B. The company focuses on business-to-business logistics solutions for long-distance transportation.
Yabaji says the following about the investment they have received; “Our goal was to try different sources to raise capital. At different stages, access to various sources of capital became available to us. Venture credit was one of the resources we wanted to try. InnoVen has been in contact with us for the past year and a half. The InnoVen team consists of entrepreneur-friendly, talented people who support new companies in the face of business challenges.”