Goldman Sachs cuts stake in BlackBuck, Nomura buys in for Rs 247 Cr

Bengaluru-based logistics marketplace BlackBuck (formerly Zinka Logistics) saw a major block trade on Monday as Goldman Sachs sold part of its holding in the recently listed firm.

Exchange data shows that Goldman Sachs offloaded about 49.1 lakh shares (2.74% stake) for nearly Rs 295 crore, at an average price of Rs 600.32 per share.

On the buy side, Nomura India Investment Fund acquired around 41.16 lakh shares (2.29% stake) in BlackBuck, investing Rs 247 crore at an average of Rs 599.77 per share.

Entrackr was the first to report this development.

The deal follows a series of stake reductions by global investors in recent months. In August, Sands Capital sold shares worth over Rs 191 crore in the company across three transactions, while Ithan Creek Master Investors, an offshore fund managed by Ellington Management, offloaded shares worth over Rs 53 crore.

The company declined to comment on the development.

Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Subbu Allamaraju, BlackBuck operates a trucking marketplace, connecting shippers and truck owners across India. The company entered the unicorn club in 2021 after raising $67 million from Tribe Capital, IFC Emerging Asia Fund, and VEF.

In Q1 FY26, BlackBuck posted Rs 144 crore in revenue, a 56% year-on-year rise from Rs 92 crore in the same period last year. Net profit also grew 17.2% to Rs 34 crore.

Earlier, BlackBuck, which was officially renamed from Zinka Logistics last month, disclosed that it received a tax demand order of Rs 28.55 lakh from the Assistant Commissioner of Income Tax (TDS), Bengaluru, for FY18. The order, dated July 7, cites non-deduction of tax at source on certain expenses flagged in the company’s tax audit. BlackBuck has said it plans to appeal the order and does not expect any material financial impact.

Separately, the company has also initiated a postal ballot process seeking shareholder approval for key changes. These include renaming the company to “BlackBuck Limited” as part of its branding alignment strategy, and ratification of its 2016 and 2019 ESOPs in line with SEBI’s 2021 regulations.