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Sands Capital trims BlackBuck stake worth Rs 191 Cr within a week

EntrackrEntrackr · 13d ago
Sands Capital trims BlackBuck stake worth Rs 191 Cr within a week
Medial

News All Stories Sands Capital trims BlackBuck stake worth Rs 191 Cr within a week Stock exchange data shows Sands Capital Private Growth II sold 1.46% of BlackBuck (Zinka Logistics Solutions) on August 13 across two block deals. Kunal Manchanada 14 Aug 2025 10:57 IST Follow Us US-based investment firm Sands Capital has reduced its stake in logistics unicorn BlackBuck through three open market transactions this month, pocketing around Rs 191 crore from the partial exit. Stock exchange data shows Sands Capital Private Growth II sold 1.46% of BlackBuck (Zinka Logistics Solutions) on August 13 across two block deals. The deal involved about 26.3 lakh shares on the BSE and NSE at an average price of Rs 515.66 per share, amounting to Rs 135.6 crore. This came just days after the fund sold 0.6% of the company on August 8 for Rs 55.58 crore. In that deal, it offloaded 10.68 lakh shares at Rs 520.47 per share. Together, the sales represent roughly 2.06% of the company’s equity. The buyers in these trades have not been disclosed, though market sources suggest that domestic institutional investors and high-net-worth individuals could be among them. Last week, Wellington Management’s offshore investment fund Ithan Creek Master Investors also offloaded over Rs 53 crore worth stake in B2B logistics firm. Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Subbu Allamaraju, BlackBuck runs a trucking marketplace that connects shippers with truck owners across India. The Bengaluru-based startup entered the unicorn club in 2021 after raising $67 million from Tribe Capital, IFC Emerging Asia Fund, and VEF, among others. Sands Capital invested in earlier rounds. BlackBuck went public earlier this year, becoming one of the rare logistics-tech players to list on Indian exchanges. The company has seen positive investor sentiment post-listing, driven by narrowing losses and a rebound in freight activity. For Sands Capital, the move is seen as a partial profit booking following the listing, rather than a complete exit. The firm continues to hold a sizeable stake in BlackBuck.

Accel-backed BlackBuck's parent reins in losses by 33% in FY24

YourStoryYourStory · 10m ago
Accel-backed BlackBuck's parent reins in losses by 33% in FY24
Medial

- Zinka Logistics, the parent company of BlackBuck, reduced its losses by 33% to Rs 193.9 crore in FY24 compared to the previous year. - Operating revenue for Zinka Logistics increased by 69% to Rs 296.9 crore in FY24 from Rs 175.6 crore in 2023. - The reduced losses were overshadowed by an 11% rise in total expenses to Rs 483.4 crore, mainly due to employee benefit expenses. - BlackBuck received final observation from SEBI for its IPO, with plans to raise Rs 550 crore through a fresh issue of shares and an offer for sale of 21.6 million shares by existing shareholders. - Accel India IV (Mauritius) fund and Accel Growth Fund V LP fund are among the existing shareholders planning to sell their shares through the IPO.

Exclusive: Flipkart-backed Blackbuck converts into public company

EntrackrEntrackr · 1y ago
Exclusive: Flipkart-backed Blackbuck converts into public company
Medial

Online trucking platform Blackbuck has converted itself into a public company. This marks the company’s concrete step towards its planned initial public offering (IPO). The board at Blackbuck has approved the resolution to change the company’s status from private to public. Its name has now changed from Zinka Logistics Solutions Private Limited to Zinka Logistics Solutions 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. The nine-year-old firm provides B2B logistics solutions for long-haul trucking and provides intercity logistics services to large companies including medium and small medium enterprises (MSMEs). Blackbuck has raised over $350 million to date including its $67 million Series E round led by Tribe Capital, IFC Emerging Asia Fund, and VEF when the Flipkart-backed firm entered into the coveted unicorn club. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 18.58% followed by Quickroutes International and Sans Capital Growth. Its co-founders Rajesh Yabaji, Chanakya Hridya, and Ramasubramaniam Balasubramaniam cumulatively command 26.82% of the company. Blackbuck’s revenue from operations decreased 15.5% to Rs 704 crore in FY23 from Rs 833 crore in FY22. Along with a drop in revenue, the company also controlled its expenses and managed to keep a tap on its losses to Rs 290 crore in FY23 from Rs 285 crore in the previous year. As per media reports, Blackbuck is planning to go public in the second half of FY25 and aims to raise up to $300 million in capital. Blackbuck will be among the few tech IPOs which saw decline in revenue for the three consecutive years (FY21 to FY23). The company is yet to file its annual report for FY24. A clutch of new age internet companies such as TBO tech, Digit Insurance, and Awfis have listed in 2024 so far while Ixigo is readying for listing on June 18. Ola Electric, MobiKwik and FirstCry are all set to list on the bourses this year.

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