BlackBuck, the incredibly popular digital platform for trucks. BlackBuck is considered the pioneer in the field of trucking. The company has introduced a new and organized pathway for making trucking convenient for all shippers and truckers. Basically, it's a tech-enabled platform for logistics services in order to shift conventional trucking to a digital platform.
The company is working towards making truckload booking and moving it at the utmost capacity. The shippers would have all the required information about the whereabouts of truckers.
BlackBuck was founded in 2015 and has brought remarkable development in the field of trucking operations. Legally, BlackBuck is termed as Zinka Logistics Solutions Pvt. Ltd. It is headquartered in Bengaluru, Karnataka, India.
BlackBuck helps the shippers to have access to the suitable truck at an accurate time for the right place, just by pressing a button. The company has partnered with the World Bank and the Indian Government on various important policies including the Goods & Service Tax (GST), E-Way Bill, and many others.
In this article, we will be discussing the business model as well the strategies opted by BlackBuck for its immense success. Let's get started!
BlackBuck is the leading as well as the largest trucking network in India. The company has put great effort into shifting trucking to the digital platform and enabling the shipper with the right trucker or reshaping the trucking infrastructure in order to simplify payments, financial services, and insurance.
BlackBuck's strong technology helps it to provide efficiency, dependability, and seamless experience to the truckers as well as shippers.
BlackBuck has a hugely strong team of over 2000 people and holds the best sets of investors including Apoletto Asia, Goldman Sachs, Light street, Sequoia Capital, Accel Partners, Tiger Global, and IFC.
The company deals with more than 10,000 clients onboard across 3000+ villages along with 400+ industrial centers and over 3,00,000 truckers. It has formerly received 'CNBC-TV18- Young Trucks Startup of the year' and the 'Zee Business- Company of the year logistics' in 2018.
Where does BlackBuck operate?
BlackBuck functions in more than 200 cities across India. The track records of the distributed assets to the truck drivers in all these cities became quite difficult to manage and organize through a spreadsheet. In the upcoming years, the company is prepared to expand its territory and enlarge its assets to more cities to facilitate the services.
Key Features of BlackBuck
BlackBuck utilizes various advanced technologies in the field of logistics. The company comes up with tons of features, but the most effective are:
- Quality benchmark
- Monitoring and controlling
- Direct procurement channels
Competitors of BlackBuck
BlackBuck is immensely famous in the logistics sector. With its advanced technology and features, it's known to be quite distinguished. As being the leading and largest logistics services provider, many companies are up to beat BlackBuck. But, its top competitors in the market are Delhivery, BlownHorn, Rivigo, Xpressbees and ElasticRun.
Business Model of BlackBuck
BlackBuck follows business-to-business (B2B) as well as business-to-consumer (B2C) models. BlackBuck works towards upgrading the logistics services for the truckers. It contributes towards dealing with the major issue of trucks returning empty.
The company designed its business model in such a manner that its trucks can be reassigned from their definite location for another trip so that the customers would get better prices and pay for the return trip and most importantly, a fewer carbon footprint.
BlackBuck used to function with spreadsheets to keep the track of its assets and trips. But, with the increased number of registered trucks and shippers, the management became very tough and complicated. That's why the company is putting major research into a better solution for this problem and see more options in hand.
How does BlackBuck make money?
BlackBuck charges a little amount of fees from its customers at a fixed rate for the contract business. It generates a huge fraction of its money by charging the customers as well as the truck owners a commission of around 15-20% that depends on the Freight value.
The company provides all the required facilities to the registered trucks for a smooth truck race. With its advanced technology, BlackBuck takes trucking to the next level in the industry.
BlackBuck is upgrading logistics into an absolutely reliable and efficient at country level. The company has increased its revenue with an enormous rate of 60% and took it up to $128 million, as of FY18. The annual revenue was estimated as Rs. 1,790.7 crores in FY19.
BlackBuck raised funding worth $364 million in around 9 funding rounds. As of its most recent funding round, the company raised $67 million from some very prominent investors including VEF, Tribe Capital, and Emerging Asia Fund. This increased BlackBuck's valuation up to $1.02 billion and took it to the list of unicorns in space at 2nd after its biggest competitor Rivigo.
BlackBuck has worked enormously in the field of logistics services and ought to make the procedure absolutely convenient and efficient. The company utilizes advanced technology in trucking services and develops a huge customer base which results in great deals.
The company follows both B2B and B2C business models. Its major source of revenue is from the commission it charges from the customers and truckers which is 15-20%. BlackBuck is one of the largest logistics services providers in India and is working in improving trucking more efficiently.
Is BlackBuck a unicorn?
Yes, BlackBuck is the first logistic startup to turn unicorn in 2021.
What is the revenue of BlackBuck?
The revenue of BlackBuck was INR 2281 Cr in FY20.
Who is the founder of BlackBuck?
Rajesh Yabaji is the cofounder and CEO of BlackBuck.