The board at BlackBuck has approved a resolution to change the company’s status from private to public
Consequently, the company's name has been changed from Zinka Logistics Solutions Private Limited to Zinka Logistics Solutions Limited
The conversion of the company would enable the company to raise funds from a large pool of investors
Flipkart-backed logistics unicorn BlackBuck, which is planning to go public in FY25 and seeks to raise as much as $300 Mn, has converted itself into a public company.
The board at BlackBuck
has approved a resolution to change the company’s status from private to public. Consequently, the company’s name has been changed from Zinka Logistics Solutions Private Limited to Zinka Logistics Solutions Limited.
The conversion of the company from a private company limited by shares to a public company limited by shares would enable the company to raise funds from a large pool of investors to meet the growth requirements and vision of the company, as per an RoC filing.
Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam, BlackBuck claims to be the largest online trucking platform in India, with over 90% market share of all online trucking activities.
As per the startup, it has over 700K truckers and 1.2 Mn trucks on its platform, with over 15 Mn monthly transactions. It also has a services business that sells GPS tracking devices, FASTags and fuel cards.
BlackBuck counts the likes of Tiger Global, Accel, Peak XVand Goldman Sachs among its investors. The startup entered the unicorn club in 2021 after raising $67 Mn in a funding round led by Tribe Capital, IFC Emerging Asia Fund and VEF. So far, it has raised a total funding of around $360 Mn.
It was reported earlier that the unicorn is looking to file the DRHP with the full FY24 financial numbers and intends to launch its IPO in the second half of FY25.
BlackBuck plans to use the IPO proceeds to scale up its services business, which it has been focusing on ramping up in recent years, as well as to grow its core freight business.
It posted an INR 290 Cr loss in FY23, a marginal increase INR 285 Cr in the previous fiscal year. Its operating revenue declined 15% to INR 704 Cr from INR 832 Cr in FY22.
