BlackBuck is a logistic unicorn turned startup that files its draft red herring prospectus with the market regulator Security and Exchange Board of India for its IPO of Rs 550 crore. The company plans to use  this fresh capital raised from IPO to scale its operations and meet the capital requirements for BlacBuck  Finserv, a Non-banking financial company under BlackBuck. 

The company mentioned in a regulatory filing that the public issue would have fresh insurance of Rs  550 crore worth of shares and an offer for sale component worth Rs 2.16 crore shares. The committee  has finalized that the three co-founders of BlackBuck will offload 44.37 lakh shares under OFS. The co founder of this company, Rajesh Yabaji will dump 22.18 lakh shares while the other two co-founders  will sell 11.09 lakh shares each. The listing of equity shares will enhance the brand image and  transparency of the startup. While providing a public market for equity shares in India.  

BlackBuck offers an online B2B trucking platform for intercity full truckload transportation. The  company reported over 9.63 lakh trucker transactions on the platform in FY24. The platform accounts  for more than 27 percent market share of all truck operators in India. This logistic startup has investors  including Flipkart, Accel, Peak XV, and Goldman Sachs. The startup has raised a total of 360 million USD  in funding to date including $67 secured in a funding round led by IFC Emerging Asia Fund, and tribe  capital. 

The unicorn provides vehicle financing to its truck operators in seven states across India. The startup  intends to use a huge portion of its funds to meet general corporate requirements, marketing, and  product development. The shares of this firm will also be listed in BSE and NSE. The development came  just after the parent company of this logistic startup, Zinka Logistics Solution got approval from the  board and its shareholders to change into a public company. The company managed to reduce its  losses by 33% to Rs 193.9 crore in FY24. However, the operational revenue increased by 69% to Rs  296.9 crore in the same duration.  

Conclusion: 

The logistic startup Blackbuck filed its draft papers with market regular SEBI to raise Ra 550 crore through an Initial Public Offering. The company aims to use this fresh capital raised from IPO to scale  its operations and meet the capital requirements for its NBFC arm BlacBuck Finserv. This listing of  equity shares will help the company enhance its brand image and visibility while providing a public market for equity shares in India. The public issue would have fresh insurance of Rs 550 crore worth  of shares with OFS of Rs 2.16 crore shares. The startup provides a B2B platform that covers more than  27 percent market share of all truck operators in India. The company intends to use a portion of its  funds to meet general corporate requirements, marketing, and product development. This IPO round  came after Zinka Logistics Solution got approval from the board and its shareholders to change into a  public company.