Garodia replaces Venkatesh Bhat, who had joined in early 2018 from Act Fibernet.
Logistics startup Blackbuck has appointed Uttam Garodia as its new chief financial officer to replace Venkatesh Bhat, who quit recently, sources told Moneycontrol.
Garodia had joined Blackbuck as head of the financial services business.
Bhat had joined Blackbuck in early 2018 from Act Fibernet, where he was the chief operating officer.
"Bhat wanted to start something on his own, hence he moved on, he has been replaced by Garodia who was previously heading financial services within Blackbuck," said a source aware of the development.
An e-mail sent to Blackbuck went unanswered till the time of publication of this report. The reason why Bhat quit the company could not be independently ascertained.
Garodia was with Jana Small Finance Bank before he joined Blackbuck in November 2018. He worked as an executive vice president at the bank during its transition from the micro finance business.
Garodia also had stints at ICICI Ventures and Morgan Stanley.
At Blackbuck, Garodia was heading the financial services vertical till date. He was driving the credit requirements of the truck owners who use the platform. Now in his new role he will be in charge of managing the financial health of the 'soonicorn' as these startups just shy of a billion dollar valuation are referred to.
While the company has seen its revenues grow, losses are mounting as well, showing that Garodia will have his task cut out.
As per its latest financials accessed through business intelligence platform Tofler, the company had recorded a net loss of Rs 344 crore on a revenue of more than Rs 1800 crore in the last financial year. Its losses have jumped almost 200 percent from Rs 116 crore in financial year 2018, when its total revenue was Rs 900 crore, half of 2019.
Started in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Ramasubramaniam B. Blackbuck offers a technology platform for large businesses like Coco Cola, Unilever, Tata, Reliance catering to their logistics requirements. They enlist trucks on the platforms and connects these trucks to these corporates.
Backed by marquee investors like Accel Partners, Sequoia Capital, B Capital, Goldman Sachs, Tiger Global, the investment arm of World Bank International Finance Corporation among others the company has raised more than $200 million and achieved a valuation of close to a billion dollars.
With more than 4 lakh partner trucks, the company operates in more than 500 districts covering more than 400 industrial hubs. It has more than 30,000 enterprise clients and around 2,500 employees.
The logistics space has multiple new tech startups which compete with Blackbuck.Startups like Rivigo and Delhivery are trying to revolutionise the Indian trucking industry, which is run by thousands of small and regional players.
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