2021 was a proud year for start-ups in India. As of 25th March 2022, India is home to 94 unicorns with a total valuation of $ 319.67 Bn.
In the supply chain and logistics space, we have fewer Unicorns, but prospects are bright with a good list of Soonicorns (soon to be Unicorns). Globally, Logistics Tech has 40 Unicorns, making it the 6th largest sector with most Unicorns.
What or who is a Unicorn?
A mythical creature has been made into the most sought after today. Unicorns are those privately held start-ups which reach a valuation of $1 billion or more. It was first coined by venture capitalist Aileen Lee in 2013.
Logistics Start-Ups which have made it to Unicorn Status
Xpressbees – Feb 2022
Xpressbees achieved the Unicorn status after it raised fresh funding led by private equity funds Blackstone Growth, TPG Growth, and ChrysCapital.
According to the press statement, “The $300 million Series F funding round, which includes a secondary component, also saw participation from existing investors.” With this, the total amount of capital raised by the startup has gone up to $500 million.
Elastic Run – Feb 2022
This Pune-headquartered commerce platform ElasticRun has closed a $330 million funding round led by SoftBank Vision Fund 2 and Goldman Sachs Asset Management, with a valuation if $1.5 billion.
ElasticRun enables FMCG companies to reach Kirana stores—mom-and-pop shops selling everyday needs—in the deep rural parts of India, by deploying a network of delivery services. The company runs an asset-light distribution network by crowdsourcing the human resources, and the vehicles from various channels, and stitching together a virtual transportation network.
BlackBuck- July 2021
Founded in 2015, BlackBuck, operated by Zinka Logistics Solutions Pvt. Ltd., digitises fleet operations for truckers and operates a marketplace to help match trucks with relevant loads. It has raised $67 million in a funding round which valued the company at more than $1 billion. This round was led by Silicon Valley-based venture fund Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors Wellington Management, Sands Capital, and IFC—the World Bank’s investment arm—also participated in the round.
BlackBuck will use the fresh funds to expand and launch new service offerings for its customers. It will invest heavily in product and data science capabilities to strive for better efficiency in freight matching for the Indian trucking ecosystem. It will also scale up its financial services and insurance offerings through partnerships.
Rivigo – September 2019
Surface logistics company Rivigo achieved the covetous status with a valuation of $1.07 billion in a fresh round. Rivigo has raised about Rs 35.25 crore from KB Global.
The company has shifted its focus towards Relay-as-a-Service model. RaaS will be offered to fleet owners using its technology, pilots, and a countrywide network of relay pit-stops. Besides giving fleet owners access to pilots, a higher truck utilization, it will also make its patented fuel solution, maintenance, and cashless payment solutions available to fleet owners in the country.
Delhivery – March 2019
Delhivery became India’s first unicorn for the year 2019 when it raised $350 million (Rs. 2450 crore) from Softbank and existing investor Carlyle Group at a valuation of at $1.6 billion. The investment will be used for scaling up newer warehousing and freight service through large investments in infrastructure and technology and global partnerships.
Some Soonicorns, expected to turn Unicorns by the end of 2022 include Shadowfax, ShipRocket. GreyOrange, Ecom Express, Porter, Netradyne.
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