BENGALURU: Bengaluru-based Zinka Logistics Solutions, backed by Flipkart and Accel, has filed its draft red herring prospectus (DRHP) with the SEBI to mop up funds through an initial public offering (IPO).
With a face value of Rs 1 per share, the IPO is a mix of fresh issuance of Rs 550 crore and an offer for sale of up to 21.61 million equity shares by promoters and Investor Selling Shareholders.
The proceeds from its fresh issuance, about Rs 200 crore will be utilised for funding towards sales and marketing costs, Rs 140 crore for investment in Blackbuck Finserve for financing the augmentation of its capital base to meet its future capital requirements, and Rs 75 crore for funding of expenditure in relation to product development and other corporate purposes.
Zinka Logistics’ BlackBuck app is a comprehensive platform, which provides solutions for payments, telematics, load management, and vehicle financing.
As of March 31, 2024, Zinka Logistics has employed 1,783 permanent employees and engaged 3,638 contract workers. By Fiscal 2024, the company had grown its fleet to 963,345 truck operators, up from 482,446 in Fiscal 2022, representing 27.52% of the country’s truck operators.
The BlackBuck app in fiscal 2024 saw robust engagement, with monthly active truck operators using it for over 16.18 days per month and spending an average of 39.56 minutes daily on the platform.