Logistics firm BlackBuck has posted a widened loss of Rs 290 crore in the 2023 financial year, up 2% from Rs 284 crore in the previous year.
Revenue from operations fell 15% to Rs 704 crore, from Rs 832 crore last year, indicating a slowdown in business. Total expenses, however, decreased 12% to Rs 1,014 crore in the same period.
The Bengaluru-based surface logistics company raised $67 million in Series E investment in July 2022, bolstering its entry into the coveted unicorn club.
The company had stated that it would use the funds to penetrate the market and launch new service offerings for its customer base. It had planned to invest heavily in product and data science capabilities, with the aim of enabling more efficient freight matching for the Indian trucking ecosystem.
Tiger Global-backed BlackBuck has raised a total funding of $359 million, according to data from market intelligence firm Tracxn.
Last year, the company shifted its focus from running a trucking marketplace to digital value-added services to diversify its revenue stream.
“The shift in strategy happened due to the rise in smartphone penetration, coupled with the government mandate on FASTag in 2019. That was an opportunity for BlackBuck to acquire truck owners for using the platform at a massive scale for toll payment,” Chanakya Hridaya, Co-founder and Chief Sales Officer of BlackBuck, had told YourStory in an interview last year.
Founded in 2015 by Chanakya Hridaya, Rajesh Yabaji, and Ramasubramaniam B, BlackBuck started out as a platform connecting truckers with businesses that wanted to transport goods. This was the first version of its aggregation/marketplace business. At present, BlackBuckclaims to have 1 million transacting users on its end-to-end platform.
Edited by Swetha Kannan
