Accel Offloads BlackBuck Shares Worth INR 203.8 Cr

 Update | June 5, 3:03 PM

As ecommerce major Flipkart gears up to file its IPO papers, it seems to be on a sprint of exiting its non-core businesses. The company has sold of its entire stake in logistics new-age tech company BlackBuck on June 3.

As per an NSE data, the company offloaded its entire 9.01% stake in BlackBuck via its Singapore-based entity Quickroutes International in the company for INR 671.8 Cr in two tranches on Tuesday.

Besides Flipkart and Accel India, Peak XV Partners also sold stake worth INR 203.8 Cr and INR 53.8 Cr, respectively, on the same day.

A significant portion of these shares were lapped up by Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund, Massachusetts Institute of Technology (MIT) and SBI Mutual Fund.

Meanwhile, Flipkart Investments also sold its entire 6% stake in Aditya Birla Fashion & Retail for INR 587.7 Cr.

Original | June 3, 9:23 PM

Shortly after its Q4 financial disclosures, BlackBuck’s seed investor Accel has offloaded 4.85 Mn or 48.5 Lakh shares in the logistics major through two bulk deals today. The VC firm sold 25 Lakh shares held under Accel Growth Fund for INR 420.04 apiece, while it sold 23.5 Lakh shares for INR 420.29 apiece from its Accel India IV (Mauritius) fund.

Cumulatively, Accel netted INR 203.8 Cr from the bulk deal in BlackBuck. Meanwhile, a portion of the offloaded shares, 9.52 Lakh shares to be precise, were lapped up by ICICI Prudential Life Insurance Company for INR 420 apiece. 

Earlier in the day, Bloomberg reported that 21.2 Mn shares, or 12% equity shares, would change hands in three block trades. The report said that the block deal would see Flipkart, via its Singapore-based subsidiary Quickroutes International, divest its entire 9% stake for INR 647 Cr.  

Accel held 2.3 Cr equity shares or 14.3% stake in the logistics major at the time of its IPO in November 2024. The average acquisition cost of these shares was INR 62.71. This marks Accel’s first major stake sale since listing. 

The sell-off by Accel comes less than a week after the logistics company announced a profitable quarter in Q4 FY25. The company posted a net profit of INR 280.1 Cr in Q4 FY25 as against a net loss of INR 90.8 Cr in the year-ago quarter.  

The company’s bottom line was boosted by a tax credit of INR 245 Cr, minus which BlackBuck would have posted a profit of INR 35.1 CR. Meanwhile, for the full fiscal year, the logistics major reported a net loss of 8.6 Cr as against a loss of INR 193.9 Cr in FY24.

Meanwhile, the company’s shares have been on a bull run on the bourses since its listing. Since listing on the BSE at INR 279.05, BlackBuck parent Zinka Logistics’ shares have zoomed over 58% to end today’s trading session at INR 443.75.