Blackbuck’s revenue continues to shrink in third consecutive fiscal

Online trucking platform Blackbuck turned unicorn after a $67 million fundraise in 2021. However,  unfortunately for the firm, it has all been downhill since then. Disruptions due to the COVID-19 pandemic wiped out all its revenue. And the company has struggled to find its feet again in the past two fiscal years. This is evident from its Rs 2,235 crore revenue during FY20 which slumped to Rs 704 crore in the fiscal year ending March 2023.

Blackbuck’s revenue from operations decreased 15.5% to Rs 704 crore in FY23 from Rs 833 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show.

​The eight-year-old firm provides B2B logistics solutions for long-haul trucking and provides intercity logistics services to large companies including medium and small medium enterprises (MSMEs).​

Transportation cum logistics services accounted for 71% of the total operating revenue. Income from this vertical declined by 23.5% to Rs 500 crore in FY23 from Rs 654 crore in FY22. Commissions, income from telematic services, subscriptions, and onboarding services are some other sources of collection that took the total revenue to Rs 704 crore in FY23.

See TheKredible for the detailed revenue breakdown.

Blackbuck provides transportation services to its customers and directly compensates truck owners. Its freight cost which encompassed lorry charges formed 49% of the total expenses. This cost was reduced by 27.3% to Rs 495 crore in FY23. Its employee benefits remained flat at Rs 239 crore during the previous fiscal.

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