Zinka Logistics Solutions, the Bengaluru-based company that owns and operates logistics solutions platform BlackBuck, has raised $4 million from returning venture lender Trifecta Capital, according to regulatory filings made in reference to a board resolution on April 27.
The capital infusion, which takes the total capital raised by the company so far to $234 million, is a combination of debt and equity.
The Bengaluru-based company raised about $3.6 million debt by issuing 250 Series B debentures and a little over $400,000 by the issuance of a certain category of preference shares.
The funding comes at a time when the company has reportedly slashed jobs of over 200 employees to streamline costs as the logistics sector in the country deals with the Covid-19 crisis.
The high-cash burning business reported losses that grew three-fold to about $45.5 million in the financial year ended March 2019. The company had earlier expected to post profits from December 2021 onwards.
BlackBuck’s last funding round was in November 2019, when it raised $7.8 million from Trifecta Capital. Prior to that, it raised a massive growth round investment of $130 million from New York headquartered investment bank Goldman Sachs, venture capital firm Accel, asset management firm Wellington Management Company, B Capital, Sequoia Capital India and Light Street Capital.
The company provides fleet services through an application software named BlackBuck Blaze, through which the user connects the customer to nearby available fleet operators which are registered with the company.
Founded in 2015, Blackbuck operates across over 1,000 locations for a fleet of 3,50,000 trucks and 8,500 shippers. Its B2B clientele include Ultratech Cement, Asian Paints, Amul, Marico, Britannia Industries, Reliance Industries, Tata Steel and Unilever, among others.