BlackBuck - The Success Story of India's Largest Trucking Platform

Purbalee Dutta Purbalee Dutta Anik Banerjee Anik Banerjee
Mar 10, 2022 9 min read
BlackBuck - The Success Story of India's Largest Trucking Platform

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by BlackBuck.

Don't know how to govern, digitize or facilitate trucking? Facing a hell lot of problems? Have no ideas about how to match a shipper with a trucker? Literally, the price discovery might sound to be a big issue here for those beginners who have no idea about it. Furthermore, building a comprehensive understanding of insurance, financial services and the infrastructure around trucking are things that take time to develop. This is why BlackBuck was founded as a one-stop solution to organize, digitize and simplify trucking!

BlackBuck, the tech startup came into existence on April 20, 2015. Read more about BlackBuck app, its Founders and Team, Funding and Investors, BlackBuck Net worth, Black Buck owner, its Logistics service, and more here in this StartupTalky article ahead:

Company Highlights

Startup Name Blackbuck
Headquarter Bangalore, Karnataka, India
Sector Logistics and Transportation
Founders Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B
Founded 2015
Total Funding $364 Million (2021)
Revenue $113.53 mn (Rs 866.73 crore in FY21)
Valuation $1.02 bn (July 2021)
Parent Organization Zinka Logistics Solutions Pvt. Ltd.

BlackBuck - About

BlackBuck - About
BlackBuck - Industry
BlackBuck - Founders And Team
BlackBuck - Startup Story
BlackBuck - Mission and Vision
BlackBuck - Logo
BlackBuck - Business Model
BlackBuck - Revenue Model
BlackBuck - Funding And Investors
BlackBuck - Growth and Revenues
BlackBuck - Competitors
BlackBuck - Future Plans

BlackBuck is India's largest trucking system, which is redefining the logistics ecosystem of India. It provides shippers and truckers quick and easy availability, transparent pricing, efficiency, trustworthiness and thereby, bring in a seamless experience with Data Science at its core. Besides, the company uses technology to match a shipper with a trucker and facilitate price discovery. BlackBuck promises the essentials and believes in building future-ready products for their clients.

The company has simplified trucking since 2015. BlackBuck has boasted of having 15000+ clients on April 28, 2021.

BlackBuck - Industry

The trucking industry of India is ever-growing and is pacing continually with the growth of the logistics and supply-chain industry. There are presently 12 million+ trucks in India, which is expanding each day. The population of trucks in India is developing at a pace of 15% every year. Β 

BlackBuck - Founders And Team

Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B are the founders of the company BlackBuck.

Rajesh Yabaji

Rajesh Yabaji is a 30-year-old man, the Co-founder and CEO of the company. He pursued his education at the Indian Institute of Technology, Kharagpur from where he got his dual degree. Currently, he is living in Bengaluru, Karnataka, India. He worked as the Category Development Manager commonly known as the Business Manager in ITC Limited for 4 years and 10 months (June 2010 - June 2014). He was also a 3 months intern from May 2009 to July 2009 at Schindler India Pvt Ltd. after being a Summer intern for two more companies - University of Nebraska Lincoln, USA, and Rio Tinto Alcan.

Chanakya Hridaya

Chanakya Hridaya is the co-founder of BlackBuck. He also completed his Bachelor's as well as his Master's degree from the Indian Institute of Technology, Kharagpur in Mechanical and Manufacturing Engineering respectively. Hridaya served previously as the Assistant Manager of Supply Chain at ITC before co-founding BlackBuck. Before that, Chanakya has been an Intern at ITC adn a Visiting Researcher at University of Strathclyde.

Ramasubramaniam B

Ramasubramaniam B is also one of the founders of BlackBuck. He is the Product Manager at BlackBuck, who has earlier been the Director at Miebach Consulting. Ramasubramaniam was a student of IILM.

BlackBuck founders
BlackBuck founders

BlackBuck - Startup Story

Rajesh Yabaji was the head of the supply chain division of the ITC leaf tobacco business immediately before he founded BlackBuck. Yabaji recounts in a Forbes interview that he decided to establish BlackBuck with an aim to solve "the problem of corporate big boys such as Coca-Cola, HUL, and PepsiCo."

After founding the company in April 2015 with Chanakya Hridaya and Ramasubramaniam B, BlackBuck raised its seed capital of $5 mn in April itself. Within 4 months, Yabaji's startup started flexing its muscle.

β€œIn August, we are an Ebitda (earnings before interest, tax, depreciation and amortisation) breakeven company", said Yabaji.

Rajesh Yabaji says in an interview that his company is "unicorn by heart and not yet by number".

He is moving forward towards his goal. He says, "until now they are unorganised". This is because most of the trucks come from rural areas. Presently, Blackbuck has 1.2 million+ trucks and around 700,000+ truckers under its wing.

Blackbuck is almost like Ola and Uber for trucks. The founder says that he is investing in a few areas from the very beginning to get supply online, to comprehend the technology, and to transact online which is the biggest problem to solve for them. So, which is why they have created the 'boss app' to simplify things.

BlackBuck - Mission and Vision

"It is our mission to make trucking simple, intuitive and efficient through cutting-edge technology", said the Founder and CEO of BlackBuck once in an interview.

The vision of BlackBuck is "to reinvent the freight-booking logistics sector, with a focus on uplifting the truck driver in the process."

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BlackBuck Logo

BlackBuck - Business Model

BlackBuck company charges its customers a fixed rate for their contract business. In their demand model, they charge both their customers and truck owners a commission totally depending on the freight value. They say that their company has each and everything that takes to win a truck race smoothly. The founders got great help from their bachelor's degree and they realised that there could be a larger play of trucks in the industry for technology to come in.

BlackBuck - Revenue Model

The company earns about 15-20% commission for providing business to the trucks it hires. It has got properly listed truck services listed on its platform and its job is to match the truck intelligently along with the customers, totally which depends on the customer's requirements. Logistics is the soul of every invention.

The company is redefining the logistics landscape thus making it reliable and efficient. The annual revenue of BlackBuck is currently reported to be Rs 866.73 crores, in FY21. This digit shows that the company is doing well.

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BlackBuck - Funding And Investors

BlackBuck has raised an amount of $364 Million in funding in total over the 9 funding rounds that it has seen. With the latest funding round led by Tribe Capital, VEF, Emerging Asia Fund, and other existing investors, the company has successfully raised $67 million. This has made the total valuation of BlackBuck shoot up to $1.02 billion, eventually making it the second unicorn in the space, after Rivigo and the third unicorn in the logistics sector, which also includes Delhivery.

Date Transaction Name Money Raised Lead Investors
July 22, 2021 Series E $67 Million Tribe Capital, VEF, IFC Emerging Asia Fund
May 7, 2020 Debt Financing $4 Million Trifecta Capital Advisors
November 26, 2019 Series D Rs 560 Million -
May 1, 2019 Series D $150 Million Accel, Goldman Sachs
October 8, 2018 Series D $26.86 Million Sequoia Capital India
October 18, 2017 Debt Financing $67.15 Million InnoVen Capital
March 21, 2017 Series C $70 Million Sands Capital Ventures
December 11, 2015 Series B $25 Million Accel
June 22, 2015 Series A $5 Million Accel

BlackBuck is funded by 13 investors. Trifecta Capital Advisors is the most recent investor.

BlackBuck - Growth and Revenues

Known as India's largest trucking platform, BlackBuck takes pride in the service they provide. It has 300000+ trucks, 60000+ fleet owners, on its platform. Fleet owners in this company were able to reduce idle time by 45% directing towards an increase in earnings between 20% and 30%. BlackBuck is currently a unicorn trucking service provider, which raised $67 mn to enter the coveted club of unicorn companies in India in July 2021.

The revenues of BlackBuck significantly decreased in FY21, becoming Rs 866.73 cr from Rs 2235.7 cr in FY20.

BlackBuck Revenue Breakdown

BlackBuck Revenue Verticals FY21 FY20
Transportation Services Rs 808.51 cr Rs 2215.36 cr
Other Services Rs 58.22 cr Rs 20.29 cr

BlackBuck Expenses Breakdown

The annual expenses of BlackBuck dropped down to Rs 1134.6 cr in FY21 from Rs 2741.7 cr in FY20. The largest portion (70.2%) of the BlackBuck expenses is made up of transport services that it extends to its customers. These expenses saw a 64% dip. The employee benefit expenses came next in line, which also reduced significantly by 31.4%. BlackBuck also shed 200 of its employees during this fiscal year, therefore, reducing these expenses greatly. Here's a look at the major expenses verticals of BlackBuck and comparing the same with that of the previous fiscal.

BlackBuck Expenses Verticals FY21 FY20
Transportation Cost Rs 797.04 cr Rs 2207.77 cr
Employee Benefit Expenses Rs 121.40 cr Rs 177 cr
Finance Cost Rs 52.34 cr Rs 66.81 cr
Training Recruitment Expenses Rs 29.71 cr Rs 41.40 cr
IT and Communication Expenses Rs 14.51 cr Rs 26.72 cr
Other Admin and Operating Expenses Rs 119.60 cr Rs 222 cr

BlackBuck Financials

BlackBuck Financials FY21 FY20
Operating Revenue Rs 866.73 cr Rs 2235.65 cr
Total Expenses Rs 1134.6 cr Rs 2741.7 cr
Profit/Loss Loss of Rs 241.44 cr Loss of Rs 452.4 cr
EBITDA Margin -19.9% -16.4%

The annual losses of BlackBuck were reduced by 46.6 YoY. On unit metrics, BlackBuck has spent Rs 1.31 to earn a single rupee of revenue.

The COVID-19 pandemic truely proved to be a bane for BlackBuck, eating 60% of its operating revenue in FY21, however, with the country back in the post-pandemic normalcy, BlackBuck is looking for some growth in the next fiscal for sure.

BlackBuck - Competitors

The top competitors of the company are:

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BlackBuck - Future Plans

The goal of the company is to deploy cash to onboard new trucking partners, expand to new transportation corridors and invest heavily in product buying and data science capabilities.

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What is BlackBuck app?

BlackBuck is India's largest trucking service provider, which is currently a unicorn. Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B, BlackBuck aims to make trucking simple for every shipper and trucker. Β 

What does BlackBuck company do?

BlackBuck uses technology to match a shipper with a trucker and facilitates price discovery. It also enables infrastructure around trucking including payments, insurance, financial services.

Who is the Blackbuck boss?

Founded by Rajesh Yabaji, Chanakya Hridaya, and Ramasubramaniam B, BlackBuck is currently led by Rajesh Yabaji.

How much is the Blackbuck transport expense?

BlackBuck transport expense is currently measured at Rs 797.04 cr in FY21.

What is the business model of BlackBuck?

The company charges its customers a fixed rate for their contract business. In their demand model, they charge both their customers and truck owners a commission totally depending on the freight value. They say that their company has each and everything that takes to win a truck race smoothly.

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