IFC proposes $10m investment in India's Zinka Logistics
The International Finance Corporation (IFC), the investment arm of the World Bank, is considering a $10 million investment in Indian logistics company Zinka Logistics Solutions.
IFC said in a statement that the investment would deliver it a minority interest in the company and support an expansion of service offerings and technological development. The proposed commitment will be part of a broader round of funding with participation from existing investors, according to The Times of India.
Zinka operates trucking company BlackBuck, which received a $25 million Series B investment in 2015 from Tiger Global Management, Accel Partners, Flipkart and a fund linked to Yuri Milner of DST Global. This followed less than a year after a $5 million Series A round from Accel and Flipkart.
Founded in 2015, Zinka provides a nationwide technology platform for the B2B long-haul trucking industry that aims to minimize truck downtime and facilitate intercity freight bookings by connecting shippers and truckers with an online marketplace. The company is planning to leverage technology to scale the business rapidly.
India’s logistics sector is estimated to be worth about $130 billion and is expected to benefit from increased private equity interest as demand grows for more professionalized supply chains. Recent activity at the trucking end of this space includes investments by Warburg Pincus in Stellar Supply Chain Solutions and Rivigo.
Technological support for Indian trucking companies has also attracted PE investment. In 2015, online delivery coordination platforms by LetsTransport and Porter received funding from Rebright Partners and Sequoia Capital, respectively.
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