Accel and Flipkart-Backed Zinka Logistics Plans IPO

Bengaluru-based Zinka Logistics Solutions Limited, the leading digital platform for truck operators in fiscal 2024, has filed its draft red herring prospectus (DRHP) with SEBI to raise funds via an IPO.

The IPO will include a fresh issue of Rs 550 crore and an offer for the sale of up to 21.61 million equity shares by promoters and investors. It will also have a reserved portion and discount for eligible employees. 

Key selling shareholders include:

Rajesh Kumar Naidu Yabaji (22.19 lakh shares)
Chanakya Hridaya and Ramasubramanian Balasubramaniam (11.09 lakh shares each)
Accel India IV (Mauritius) Limited (43.09 lakh shares)
Quickroutes International Private Limited (39.74 lakh shares)
International Finance Corporation (17.12 lakh shares)
Sands Capital Private Growth II Limited (13.24 lakh shares)
GSAM Holdings LLC (9.27 lakh shares)
Accel Growth Fund V L.P. (9.23 lakh shares)
Internet Fund III Pte Ltd (8.83 lakh shares)

The company may consider a pre-IPO placement of up to 20% of the fresh issue size. The offer will allocate at least 75% to qualified institutional buyers, up to 15% to non-institutional bidders, and up to 10% to retail individual bidders.

Proceeds from the fresh issuance will fund sales and marketing (Rs 200 crore), capital base augmentation for Blackbuck Finserve Private Limited (Rs 140 crore), and product development and general corporate purposes (Rs 75 crore).

Zinka Logistics, through its BlackBuck app, offers comprehensive solutions for payments, telematics, load management, and vehicle financing. The platform had 963,345 truck operators by fiscal 2024, representing 27.52% of India’s truck operators, and processed a gross transaction value (GTV) of ₹17,396.19 crore.

In fiscal 2024, Zinka Logistics reported a 69.01% increase in consolidated revenue from continuing operations to ₹296.92 crore, driven by higher commission income, subscription fees, and service fees.

The IPO is managed by Axis Capital Limited, Morgan Stanley India Company Limited, JM Financial Limited, and IIFL Securities Limited. The equity shares will be listed on the BSE and NSE.

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