BlackBuck Reports INR 28.6 Cr Profit In Q1

SUMMARY

IPO-bound logistics startup BlackBuck posted a net profit of INR 28.67 Cr in Q1 FY25 as against a net loss of INR 35.93 Cr in the year-ago period

Revenue from operations jumped nearly 55% to INR 92.16 Cr in the reported quarter from INR 59.46 Cr in the same quarter last year

Earlier today, Inc42 reported that BlackBuck has filed a red herring prospectus (RHP) to raise as much as INR 1,114.72 Cr via its initial public offering (IPO)

IPO-bound logistics startup BlackBuck posted a net profit of INR 28.67 Cr in the June quarter of the financial year 2024-25 (Q1 FY25) on the back of strong growth in its revenue and sharp reduction in its overall expenses.

The Flipkart-backed company had reported a net loss of INR 35.93 Cr in the corresponding quarter last year.

Revenue from operations jumped nearly 55% to INR 92.16 Cr in the reported quarter from INR 59.46 Cr in the same quarter last year.

Including other income, BlackBuck’s total revenue rose to INR 98.33 Cr in Q1 FY25, up nearly 53% from INR 64.35 Cr in the year-ago period.

The company managed to cut its overall spending to INR 91.52 Cr in the quarter ended June 2024, a 6.2% decline from INR 97.65 Cr in the corresponding quarter last year.

BlackBuck spent INR 39.19 Cr towards employee benefits expense in the reported quarter, almost 26% lower than INR 52.9 Cr in the year-ago period. Meanwhile, other expenses surged over 32% to INR 44.61 Cr during the period, compared to INR 33.78 Cr in Q1 FY24.

Founded in 2015 by Rajesh Kumar Naidu Yabaji, Chanakya Hridaya and Ramasubramanian Balasubramaniam, BlackBuck operates an online B2B marketplace for inter-city full truck load (FTL) transportation. Its platform provides payment options, load marketplace, and vehicle financing services to truck operators in the country.

It claims to be the largest online trucking platform in India, accounting for 27% market share of all truck operators.

The startup has raised more than $360 Mn in funding till date. Notably, BlackBuck entered the unicorn club in 2021 after raising $67 Mn in a round led by Tribe Capital, IFC Emerging Asia Fund and VEF to enter the unicorn club in 2021.

Earlier today, Inc42 reported that BlackBuck has filed a red herring prospectus (RHP) to raise as much as INR 1,114.72 Cr via its initial public offering (IPO). The BlackBuck IPO is a combination of fresh issuance of equity shares worth INR 550 Cr and an offer for sale of 2.06 Cr shares by several existing shareholders, including Peak XV and Accel India.

Peak XV and Accel-backed BlackBuck has set a price band of INR 259 to INR 273 per equity share for its upcoming IPO.

The public issue will open for subscription on November 13 and conclude on November 18. The anchor book for BlackBuck’s IPO is slated to open for one day on November 12.