Indian online trucking platform BlackBuck has secured $67 million in an investment round, valuing the company at more than $1 billion.

U.S. venture capital firm Tribe Capital, IFC Emerging Asia Fund and VEF Ltd led the round, which saw existing backers, Wellington Management, Sands Capital, among others join the round.

BlackBuck said that the company will use the new capital to invest heavily in product and data science capabilities.

The company added that it will also use the proceeds from the round to scale its financial services and insurance offerings via partnerships.