Flipkart-backed unicorn BlackBuck plans IPO; aims to raise $300 million

Logistics unicorn backed by Flipkart, BlackBuck, is reportedly planning its initial public offering in the next fiscal year. It reportedly aims to raise as much as $300 million. 

BlackBuck recently appointed merchant bankers and lawyers to advise on their proposed IPO and have started work on the preparation of their draft red herring prospectus (DRHP), according to a report in Moneycontrol. The company is reportedly looking to file the DRHP with the full FY24 financial numbers.

The logistics company is aiming to list on the bourses in the second half of FY25, the report stated.

The IPO is expected to be a mix of fresh issue of shares as well as a secondary sale of shares by existing investors of the company. The eventual size of the offering will depend on the quantum of the secondary share sale, the report added.

The proceeds of the IPO will be used to scale up its services business, which it wants to ramp up, as well as grow its core freight business.

BlackBuck was founded in 2015 and turned unicorn in 2021, when it raised $67 million as part of its Series E funding. Apart from Flipkart, its list of investors includes Sequoia, Tiger Global, Goldman Sachs, B Capital Group, IFC, IFC Asset Management Company and more.