Accel-backed BlackBuck's parent reins in losses by 33% in FY24
BlackBuck intends to allocate its IPO proceeds towards sales and marketing, funding its NBFC unit, and product development.
Zinka Logistics, the parent company behind BlackBuck, managed to rein in its losses by 33% to Rs 193.9 crore in FY24 from Rs 290 crore it clocked a year ago.
During the same period, it witnessed a 69% rise in its operating revenue to Rs 296.9 crore as compared to Rs Rs 175.6 crore it posted in 2023, according to documents filed with the Registrar of companies.
Its narrowed losses were offset by an 11% increase in its total expenses to Rs 483.4 crore from Rs 431.7 crore a year earlier mainly driven by employee benefit expenses.
Just a day earlier, the online truck operator received final observation from Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). It had filed its draft red herring prospectus in July.
The Accel and Flipkart- backed startup looks to raise Rs 550 crore through a fresh issue of shares, with an offer for sale of 21.6 million shares by existing shareholders. Accel India IV (Mauritius) fund will sell up to 4.3 million shares, while Accel Growth Fund V LP fund will sell another 923,282 shares.
Edited by Jyoti Narayan
