BlackBuck’s operating revenue declined by 61 per cent and its loss dropped by 48 per cent to INR 233.7 Cr in FY21
- ByStartupStory | June 30, 2022
In the midst of the Covid-19 pandemic and lockdowns, Bengaluru-based online trucking platform BlackBuck reported a sharp fall in its revenue and expenses during the financial year 2020–21 (FY21). In FY21, its revenue from operations fell by more than 61 per cent year over year (YoY) to INR 853.3 Cr. The company recorded operational revenue of INR 2,229.6 Cr in FY20, an increase of more than 24% over FY19.
In contrast, BlackBuck’s total income for FY21 was INR 880 Cr as opposed to INR 2,283.2 Cr the year before. The firm was nonetheless able to limit its losses for the year despite declining sales by drastically decreasing its rising costs. In FY21, BlackBuck’s net loss decreased 47.5 per cent YoY to INR 233.7 Cr. In the meantime, its expenses in FY21 dropped by 60% to INR 1,113.7 Cr.
As opposed to a loss of INR 345 Cr in FY19, it recorded a loss of INR 445.5 Cr in FY20. Similar to this, its costs increased to INR 2,728.8 Cr in FY20 from INR 2,147.7 Cr the year before. The main cause of the fall in its total expenses was a reduction in the cost of employee benefits. In FY21, BlackBuck’s spending on employee benefits decreased by more than 33% to INR 116 Cr.
The epidemic had significantly affected the startup, like with many other businesses. In April 2020, there were rumours that BlackBuck might fire 200–250 workers. Also, employment has been put on hold. The firm spent INR 90.7 Cr in FY21 as opposed to INR 132.6 Cr in FY20 on staff pay and wages, a 93 per cent increase. BlackBuck was able to reduce its costs in other areas as well, such as transportation, hiring and training, and IT.
The transportation expense for the logistics start-up decreased to INR 785 Cr in FY21 from INR 2,200.3 Cr in FY20. However, IT costs dropped by 45 per cent to INR 14.5 Cr. BlackBuck’s overall other expenses decreased from INR 2,479.6 Cr. in FY20 to INR 934 Cr. in FY21.
With over 90% of the market share for all online trucking activities, BlackBuck, which was founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Rama Subramaniam, claims itself the largest online trucking platform in India. According to the business, it has over 700,000 truckers, 1.2 million trucks, and more than 15 million monthly transactions on its network. BlackBuck joined the unicorn club in July of last year after raising $67 Mn in equity funding in its Series E round.
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