• Goldman Sachs sold its 2.74% stake in Zinka Logistics Solutions Ltd (BlackBuck) for approximately $33.4 million, achieving a 1.4x multiple on invested capital. This translates to a 5.5% IRR in rupee terms over six years, significantly below the typical 20% benchmark for PE firms.
• Goldman Sachs led BlackBuck's pre-Series D round in 2019 with an investment of nearly $25 million, but did not reduce its stake during the IPO when the company's valuation was lower than its previous funding round. BlackBuck's post-IPO valuation declined by roughly 36% from its unicorn valuation in 2021.
• Other investors have also experienced mixed results with BlackBuck; VEF exited with a loss, and Peak XV Partners divested some shares at a loss during the IPO. However, Peak XV Partners' remaining stake is now profitable due to a stock rally.
• Early investors like Accel and Flipkart have benefited from the stock's increase since listing, while Goldman Sachs' returns were comparatively poor. BlackBuck's valuation drop removed it from the unicorn club and forced some investors to accept losses.

Malvika Maloo

Goldman Sachs’ private equity arm has clocked a forgettable exit from a six-year-old late-stage venture capital bet in the logistics space in India. 

The company, which has previously backed startups such as listed payments firm Paytm, insurance-tech company Insurance Dekho, and Dailyhunt parent VerSe Innovation, among others, has sold its stake ......

Goldman Sachs logs forgettable exit from late-stage venture tech deal in India

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Goldman Sachs&rsquo; private equity arm has clocked a forgettable exit from a six-year-old late-stage venture capital bet in the logistics space in...

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