BlackBuck is going public
Trucking aggregator startup BlackBuck has filed for IPO, aiming to raise ₹550 crore, marking a significant milestone for the company founded just 9 years ago.
Bigger context: The move signals growing confidence in India's tech IPO market, with BlackBuck joining a wave of new-age companies hitting the public markets despite macro challenges and performance pressures.
By the numbers:
- BlackBuck's annual revenue was up over 69% to ₹297 crore as of March 2024
- Lost ₹194 crore for the same period
- The company has roughly 6 lacs monthly transacting truckers on its platform, up from roughly 4.5 lacs in 2023
- BlackBuck has raised over $350 million to date, including a $67 million Series E round that propelled it to unicorn status
Details: The IPO includes a fresh issue and an offer for sale (OFS) of 21.6 million shares by existing shareholders.
- Co-founders Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam will sell 2.2 million, 1.1 million, and 1.1 million shares respectively
- Major investors Accel (owns 14% stake), Tiger Global, and Peak XV Partners are also participating in the OFS
The big picture: BlackBuck's IPO comes amid a flurry of tech listings, including TBO tech, Digit Insurance, and Awfis, with Ixigo, Ola Electric, MobiKwik and FirstCry in the pipeline.
Zoom out: Despite facing three consecutive years of revenue decline (FY21 to FY23), BlackBuck is pushing ahead with its public debut, reflecting the complex landscape for India's tech startups seeking public investment.
