IFC to carry $10m to BlackBuck

International Finance Corporation is set to invest up to $10m in the logistics provider, just over a year after BlackBuck raised $25m in a series B round that included Flipkart.

India-based business-to-business logistics services provider BlackBuck is set to obtain up to $10m from International Finance Corporation (IFC), the private sector arm of multilateral financial institution World Bank, VCCircle reported yesterday.

IFC’s commitment is made as part of a larger round that includes unnamed existing and new investors.

BlackBuck, established in early 2015, operates a logistics marketplace that enables companies to book services from long-haul lorry drivers. The company also offers related services such as toll and fuel cards through partnerships with third parties including non-banking financing firms and fuel retailers.

The money will drive company growth through contract and spot business. BlackBuck also plans on building a full platform for its related services offering.

BlackBuck previously raised $25m in series B funding in December 2015 from e-commerce company Flipkart, investment firm Tiger Global Management, VC firm Accel Partners and Apoletto Asia, an investment fund backed by angel investor Yuri Milner.

In July 2015, Flipkart took part in a $5m series A round that was led by Accel Partners.

See more from this Government Report: World Bank/IFC

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