Flipkart-Backed Truck Aggregator Blackbuck Files for ₹550 Crore IPO

Online trucking platform Blackbuck, backed by Flipkart, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth ₹550 crore.

The IPO includes an offer for sale (OFS) of 21.6 million shares by current shareholders.

Co-founders Rajesh Yabaji, Chanakya Hridaya, and Ramasubramanian B. will sell 2.2 million, 1.1 million, and 1.1 million shares, respectively. Together, they own 32% of the company.

Investors such as Accel Partners, Quickroutes International, Tiger Global, and Peak XV Partners will also sell shares in the IPO. Accel, the largest shareholder with a 17.07% stake, will sell 24.2% of the OFS, equating to 5,232,632 shares.

Quickroutes International will offload 3,973,898 shares, International Finance Corporation will sell 3,973,898 shares, and Tiger Global will sell 1,711,962 shares, according to the DRHP.

Quickroutes International holds a 12.97% stake, while Tiger Global, Peak XV, and Tribe Capital hold 2.91%, 2.11%, and 2.80% stakes, respectively. The IPO's fresh issue and OFS will be issued at a face value of ₹1. Axis Capital, IIFL Securities, Morgan Stanley, and JM Financial are the lead managers for the IPO.

Proceeds from the IPO will be used to fund Blackbuck Finserv, the company's non-banking financial arm, as detailed in the DRHP.

Blackbuck provides a digital platform for truck operators, offering services such as toll and fuel payment management, driver and fleet monitoring through telematics, load finding on its marketplace, and financing for used vehicle purchases.

In the fiscal year 2023-24, Blackbuck's operational revenue grew by 68.8% to ₹297 crore, while its losses decreased by 33% to ₹194 crore.

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