Black Buck Limited, a prominent logistics technology company, has seen a significant reduction in stake by Accel India IV (Mauritius) Limited and Accel Growth Fund V LP through a series of open market transactions between September and November 2025.

Stake Reduction Details

The two Accel funds collectively sold 4,297,129 equity shares of BlackBuck, reducing their combined holding from 10.60% to 8.23% of the company's total share capital. This represents a decrease of approximately 2.37% in their ownership stake.

Impact on Shareholding

The sale has altered the shareholding structure of the two Accel entities in BlackBuck:

Following these transactions, Accel Growth Fund V LP has completely exited its position in BlackBuck, while Accel India IV (Mauritius) Limited has reduced its holdings.

Company Background

BlackBuck Limited, previously known as Zinka Logistics Solutions Limited, is a logistics technology company listed on both the National Stock Exchange of India and BSE Limited. As of September 30, 2025, the company's total equity shares stood at 180,720,492, with a face value of INR 1 each.

Market Implications

The significant reduction in Accel's stake may raise questions among investors about the fund's long-term outlook on BlackBuck. However, it's important to note that such transactions by venture capital and private equity firms are not uncommon as part of their investment lifecycle and portfolio management strategies.

The impact of this stake reduction on BlackBuck's stock price and market perception remains to be seen. Investors and market analysts may closely monitor the company's performance and any potential changes in its strategic direction following this development.

Regulatory Compliance

The disclosure of this stake sale was made in compliance with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, demonstrating adherence to regulatory transparency requirements in the Indian securities market.

Black Buck , a leading digital freight and fleet management platform, has reported strong financial results for the second quarter of fiscal year 2026, with significant growth in revenue and profitability. The company also announced plans to expand its Super Loads business, signaling confidence in its growth strategy.

Financial Highlights

BlackBuck's Q2 FY26 financial performance showcased robust growth across key metrics:

The company's core business, which includes tolling and vehicle tracking services, grew by 37% year-on-year on a net revenue basis. Meanwhile, growth businesses, particularly Super Loads and vehicle finance, saw a significant 226% sequential increase.

Operational Performance

BlackBuck's operational metrics also showed strong improvement:

• Transacting customer base reached approximately 800,000, growing 13% year-on-year
• Users utilizing multiple services increased by 21% to 400,000
• Payment Gross Transaction Value (GTV) reached ₹6,800.00 crores, up 29% year-on-year

Expansion Plans

The company announced plans to expand its Super Loads business from the current 4 hubs to 14-15 hubs over the next six months. This expansion is expected to drive further growth in the company's transaction-based freight business.

Strategic Focus

BlackBuck's strategy continues to focus on innovation in core businesses such as tolling and vehicle tracking while investing in adjacencies like fuel sensors and new product launches. The company maintains a balanced approach to growth and profitability, with a willingness to extend payback periods slightly to drive market share expansion.

Market Position

In the tolling business, BlackBuck's market share is approaching 50%, with steady gains over the past six months. The company's digital loads platform holds a dominant position, with an estimated market share of over 90% in digitized loads.

Future Outlook

While the company remains optimistic about its growth prospects, it also acknowledges the need for calibrated investments in both core and growth businesses. BlackBuck plans to continue its strategy of innovation and market expansion while maintaining a focus on profitability.

As BlackBuck moves forward with its expansion plans and continues to leverage its strong market position, investors and industry observers will be watching closely to see how the company balances growth with profitability in the evolving digital freight and fleet management landscape.