Flipkart-invested Online Truck Firm Blackbuck goes Private to Public

By Team Startupcity  |  Monday, 17 June 2024, 10:51 IST

Flipkart-invested Online Truck Firm Blackbuck goes Private to Public
Blackbuck, digital truck company has turned itself into a public company. This signifies the firm’s significant step towards its deliberated IPO – Initial Public Offering. 
The board of Blackboard has permitted the firmness to change the status of the company from private to public. Now the name has changed to Zinka Logistics Solutions Limited from Zinka Logistics Solutions Private Limited. 
The proposed conversion will help the company to raise funds from a large pool of investors to meet the growth requirements and vision of the company, according to the filings.
As per the company’s filings, the projected conversion will assist the firm to elevate funding’s from huge cluster of investors to cater the demands and requirements regarding the company’s growth and vision. 
Nearly, a decade-old company offers B2B logistics solutions for long run trucking and offers services for intercity logistics and large scale companies such as small and medium enterprises MSMEs. 
To date, the company has bagged more than $350 million comprising its $67 million worth Series E round directed by Tribe Capital, IFC Emerging Asia Fund and VEF as soon as the Flipkart-invested firm settled its footprint into the desired unicorn club. 
As per the report from TheKredible, the startup data intelligence platform, Accel is the greatest external investor of the company with 18.58 percent and Quickroutes International & Sans Capital Growth positions next places respectively. Rajesh Yabaji, Chanakya Hridya & Ramasubramaniam Balasubramaniam collectively holds 26.82 percent of the firm. 
The revenue of the company from the core operations declines 15.5 percent to 704 crore in the financial year 2023 from 833 crore in the financial year 2022. Between the major declines in the income, the venture also managed its expenditure and sustained to keep a eye on its losses to 290 crore in the financial year 2023 from 285 crore in the preceding year. 
 

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