Sands Capital Reduces Stake in BlackBuck

Investors are taking note as Sands Capital, a prominent US-based investment firm, has lowered its stake in the logistics unicorn BlackBuck through three open market transactions this month, realising approximately Rs 191 crore from this partial exit. The data from the stock exchange indicates that Sands Capital Private Growth II sold 1.46% of BlackBuck (Zinka Logistics Solutions) on August 13 via two block deals. This transaction involved nearly 26.3 lakh shares on the BSE and NSE, priced at an average of Rs 515.66 each, totalling Rs 135.6 crore.

This sale closely followed another on August 8, where Sands Capital offloaded 0.6% of its holdings for Rs 55.58 crore. In that instance, 10.68 lakh shares were sold at Rs 520.47 each. Together, these transactions account for about 2.06% of the company’s equity. While the identities of the buyers in these trades remain unknown, market insiders speculate that domestic institutional investors and high-net-worth individuals may have participated.

Further Activity in the Sector

Last week, Ithan Creek Master Investors, an offshore fund from Wellington Management, also diminished its stake in the B2B logistics firm by over Rs 53 crore.

About BlackBuck

Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Subbu Allamaraju, BlackBuck operates a trucking marketplace connecting shippers with truck owners throughout India. This Bengaluru-based startup achieved unicorn status in 2021 after securing $67 million from Tribe Capital, IFC Emerging Asia Fund, and VEF, among others. Notably, Sands Capital participated in earlier funding rounds.

Public Listing and Performance

Earlier this year, BlackBuck went public, becoming one of the few logistics-tech companies to list on Indian exchanges. The company has experienced positive investor sentiment post-listing, driven by decreasing losses and a recovery in freight activity.

For Sands Capital, this movement is interpreted as profit-taking following the company’s listing, rather than a complete exit, as the firm maintains a significant stake in BlackBuck. In the first quarter of the current fiscal year (Q1 FY26), BlackBuck reported a remarkable 56% year-on-year revenue growth, reaching Rs 144 crore, up from Rs 92 crore in the same period last year. Concurrently, the company’s profits grew 17.2% to Rs 34 crore.