BlackBuck’s FY21 Operating Revenue Slumps 61% To INR 853 Cr

Bengaluru-based online trucking platform BlackBuck reported a steep decline in its revenue and expenses during the financial year 2020-21 (FY21) amidst the Covid-19 pandemic and lockdowns. Its revenue from operations slumped over 61% year-on-year (YoY) to INR 853.3 Cr in FY21.

In FY20, the startup had reported an operating revenue of INR 2,229.6 Cr, which was a jump of over 24% from FY19.

On the other hand, BlackBuck’s total revenue in FY21 stood at INR 880 Cr as against INR 2,283.2 Cr in the previous fiscal. 

Despite a declined revenue, the startup could manage to control its losses for the year by severely cutting its growing expenses.

BlackBuck’s net loss fell 47.5% YoY to INR 233.7 Cr in FY21. Meanwhile, its expenses decreased by 60% to INR 1,113.7 Cr in FY21.

It is important to note that both BlackBuck’s expenses and losses were on a rise earlier. 

In FY20, it reported a loss of INR 445.5 Cr as against a loss of INR 345 Cr in FY19. Similarly, its expenses rose to INR 2,728.8 Cr in FY20 from INR 2,147.7 Cr in the prior fiscal year.

A cut in employee benefit costs was the major reason behind the decline in its total expenses. BlackBuck’s employee benefits expenditure fell over 33% to INR 116 Cr in FY21. 

Like several other businesses, the pandemic had hit the startup hard. There were reports in April 2020 about BlackBuck laying off 200-250 employees. It had also kept hiring on hold.

While the startup’s expenditure on employee salaries and wages had shot up as much as 93% to INR 132.6 Cr in FY20, it stood at INR 90.7 Cr in FY21.

BlackBuck also managed to cut its other expenses in areas including transportation, training recruitment, and IT. 

The logistics startup’s transportation cost declined to INR 785 Cr in FY21 from INR 2,200.3 Cr in FY20. On the other hand, IT expenses declined 45% to INR 14.5 Cr.

In total, BlackBuck’s other expenses were down to INR 934 Cr in FY21 from INR 2,479.6 Cr in the prior fiscal year.

BlackBuck, founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Rama Subramaniam, claims to be the largest online trucking platform in India, with over 90% market share of all online trucking activities. As per the startup, it has over 700K truckers and 1.2 Mn trucks on its platform, with over 15 Mn monthly transactions. 

In July last year, BlackBuck raised $67 Mn of equity financing in its Series E round, entering the unicorn club.