Logistics-technology startup Blackbuck has raised Rs 56 crore (approximately $7.83 million at current exchange rates) in mixed equity and debt funding round from venture debt fund Trifecta Capital, according to a report.
Blackbuck’s board has approved allotting Trifecta 322 Series D compulsorily convertible preference shares and 500 Series A non-convertible debentures, Entrackr reported, citing filings with the ministry of corporate affairs.
VCCircle has reached out to Blackbuck on the reported development and will update this report accordingly.
News of the mixed capital raise comes after the startup raised $150 million (about Rs 1,040 crore) in its Series D round, which was led by Goldman Sachs Investment Partners and venture capital firm Accel. B Capital, Sequoia Capital, International Finance Corporation and Sands Capital also participated in the round.
Blackbuck, which is operated by Znika Logistics Solutions Pvt. Ltd, was founded in 2015 by IIT-Kharagpur alumni Rajesh Yabaji, Chanakya Hridaya and Ramasubramaniam B. The company provides B2B logistics solutions for long-haul trucking. It brings together shippers and truckers through its online marketplace to facilitate inter-city freight transportation.
The company has been raising capital in multiple tranches since October last year. That month, it raised Rs 203 crore in a round led by new investor Sequoia Capital. In December, it secured Rs 87 crore from existing investors.
It mopped up Rs 303 crore from Goldman Sachs and other investors in March this year and mobilised about Rs 250 crore last month.
BlackBuck competes with the likes of Warburg Pincus-backed Rivigo and Ecom Express as well as SoftBank-funded Delhivery.