Results · Mobility & Logistics

BlackBuck revenue fell 61% in pandemic year

By Startup Enthusiast · 9 March 2022

What they do

BlackBuck connects goods transport operators with businesses for intercity logistics

Its operating revenue dropped 61% to Rs 866.73 crore in FY21 from Rs 2,235.7 crore in FY20

The company cut costs, laid off 200 employees, and hopes to recover as normalcy returns

BlackBuck's operating revenue fell 61% to Rs 866.73 crore in FY21 from Rs 2,235.7 crore in FY20.
Contract trucking revenue dropped 63.5% to Rs 808.51 crore.
Ancillary services revenue rose about 3x to Rs 58.2 crore.
Total expenses fell 58.6% to Rs 1,134.6 crore.
Lorry hire charges, 70.2% of expenses, dropped 64% to Rs 797.04 crore.
Employee costs fell 31.4% to Rs 121.4 crore; the company laid off about 200 employees at the start of FY21.
The annual loss narrowed 46.6% to Rs 241.4 crore, but accumulated losses reached Rs 1,257.4 crore.
EBITDA margin worsened to -19.9% from -16.4% in FY20.

The pandemic severely disrupted intercity freight movement, hitting BlackBuck's core contract trucking business.
The company spent Rs 1.31 to earn every rupee of operating revenue in FY21.
BlackBuck repaid borrowings over Rs 191 crore and cut finance costs by 21.7%.
It hopes to recover and surpass pre-pandemic numbers as normalcy returns.

BlackBuck is a trucking and logistics platform that connects goods transport operators with businesses.
It earns 93.3% of revenue from contract trucking services.
It offers telematics services for live truck tracking.
Ancillary services include acting as an agent for RFID tag distribution and earning commissions from petroleum marketers and banks.
It claims 1,500+ clients including Tata Steel, Reliance Industries, and Amul.

BlackBuck hopes to recover and surpass its pre-pandemic revenue numbers as normalcy returns.

Tiger Global (existing)
B Capital (existing)
Trice Capital (lead) — Led the $67 million Series E round near the end of FY21.