Mon Nov 18 06:14:07 UTC 2024: ## BlackBuck Founder Receives Rs 160 Crore in Shares Ahead of IPO

**MUMBAI** – Rajesh Yabaji, co-founder of logistics tech platform BlackBuck (Zinka Logistics Solutions Ltd.), has received 5.85 million shares as a gift from investors and co-founders, boosting his stake to 14.45% ahead of the company’s IPO. The shares, transferred in October, are valued at approximately Rs 160 crore at the upper end of the IPO price band (Rs 259-273 per share). This makes Yabaji the largest shareholder, surpassing previous major investors like Accel and Flipkart’s Quickroutes.

The share transfer, comprising gifts and some shares at Re 1 each, is understood to be compensation for Yabaji’s contributions to the company’s growth. This method was employed because SEBI regulations prohibit promoters from receiving employee stock options (ESOPs). Donors include Sands Capital, International Finance Corp, angel investor Sanjiv Rangrass, and co-founders Ramasubramaniam Balasubramaniam and Chanakya Hridaya.

BlackBuck, India’s largest digital platform for truck operators with over 960,000 users, launched its IPO on November 13th, closing on November 18th. The IPO includes a fresh issue of up to Rs 550 crore and an offer for sale of existing shares. Proceeds from the fresh issue will fund sales and marketing, investments in BlackBuck Finserve, product development, and general corporate purposes. The company processed a gross transaction value (GTV) of Rs 17,396.19 crore in fiscal 2024.

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