Logistics tech startup Delhivery has confirmed the acquisition of Bangalore-based Spoton Logistics.
The company refused to comment on the exact financials behind the acquisition, but according to a report by Inc42 earlier this month, Delhivery has acquired Spoton for $200 Mn.
With the acquisition, Samara Capital and Xponentia, which acquired Spoton from IEP in 2018, have made a full exit for cash as part of the transaction.
Cofounded by Sahil Barua, Bhavesh Manglani, Kapil Bharti, Suraj Saharan, and Mohit Tandon in 2011, Delhivery offers logistics and supply chain services to companies in India. Since its inception, it claims to have fulfilled over 1 Bn shipments and has over 17,000 customers, including large & small ecommerce participants, SMEs, and other enterprises & brands.
Commenting on the announcement, Barua said, “Over 10 years, Delhivery has established a leading position in B2C logistics and now, by combining our truckload business with Spoton’s, we will be on the path to the same position in B2B express as well. More importantly, we are well placed to provide benefits of synergies between our B2C and B2B express businesses to the customers of both Delhivery and Spoton, and further enhance our end-to-end supply chain capabilities.”
The acquisition comes just a month after the logistics unicorn raised $100 Mn from FedEx. With the funding, the startup’s valuation reached a total of $3 Bn.
Delhivery, which is among the list of unicorns opting for IPO, plans to venture into the public market soon. It aims to raise up to $800 Mn from the public listing.
Founded in 2015, Spoton Logistics offers multimodal express logistics and supply chain solutions to companies throughout India. The industries it offers its services include hi-tech, automotive, engineering, pharmaceutical, electronics, electricals, lifestyle, retail and ecommerce.
In the last three years, Spoton acquired RTS — a supply chain solutions business, setup two new verticals focused on air express and non-corporate customers. It claims its net sales and EBITDA grew at a CAGR of 24% and 30% respectively in the time period.
With this acquisition, Delhivery plans to strengthen its existing B2B capabilities further.