Flipkart-Backed Blackbuck Gets SEBI Nod For IPO
Flipkart-backed Blackbuck had filed its draft red herring prospectus for with the Securities and Exchange Board of India in July this year.
Blackbuck, a major digital trucking services platform, has received a nod from the markets regulator for its initial public offering.
The Flipkart-backed company, registered as Zinka Logistics Ltd., will raise up to Rs 550 crore from a fresh issue and sell 2.16 crore shares in the offer for sale portion.
Selling shareholders include Peak XV Partners, Accel, Flipkart, Tiger Global, and International Finance Corp., which are some of the unicorn's early backers. Accel will sell as many as 52 lakh shares in the IPO, while Flipkart will look to sell 39.7 lakh shares.
The company had filed its draft red herring prospectus for the IPO with the Securities and Exchange Board of India in July this year.
The Bengaluru-based company operates a vehicle finance platform, offers fuel cards and FASTag services, and connects drivers with businesses to offer loading services. It will use the funds for sales and marketing costs, investment in its arm, Blackbuck Finserve Pvt., and other product development initiatives.
Co-founders and promoters Rajesh Kumar Naidu Yabaji, Ramasubramanian Balasubramaniam, and Chanakya Hridaya will also be selling stakes in the IPO.
Founded in 2015, the startup has raised over $350 million and entered the unicorn club in 2021.
