The Funding Will Be Used To Develop New Products And Services For Expansion
Hyderabad-based logistics company VDeliver has raised an undisclosed amount in a Pre-Series A funding round led by Corvus Ventures and Mumbai-based MAPE Advisory Group.
The investment will be used to develop new products and services as well as to strengthen the company’s existing portfolio.
Corvus Ventures is an India-based VC firm that invests in delivery and logistics startups. It had earlier backed TinMen, a Hyderabad-based meal delivery platform.
Commenting on the development, Mahesh Reddy, MD Corvus Ventures said, “For several businesses, getting deliveries right is essential. We believe the strong understanding of business operations and technology that VDeliver brings will help it become an indispensable partner to companies looking to optimise their delivery function.”
The other major investor MAPE Advisory Group was established in 2001, and currently has offices in Mumbai, Chennai and Bengaluru. It specialises in corporate finance services for mid-market private and public enterprises. Among its clients are bigwigs such as TATA, Mahindra, Godrej Industries, Wipro, Larsen and Toubro, CRISIL, Dr. Reddy’s Labs, and Indian Oil Corporation.
VDeliver was founded by Srinivas Madhavam in April 2011. Later in 2014, co-founder A.S.K. Chaitanya Reddy joined the team. VDeliver is an intra-city delivery startup with offices in Hyderabad and Chennai. The company operates in a variety of domains such as healthcare, medical and surgical equipment, gifts, office supplies, packaged food, juices, and business documents. VDeliver is also working with healthtech startup 1MG, Call Health, etc.
It also provides last-mile delivery services focussed on speed and efficiency, to individuals, corporate clients, and SMEs. Recently, the startup also launched Staytions, a service that allows customers to receive the parcel by scanning the product’s QR code. Through Staytions, users can place a request for delivery and pickup. This, according to Madhavan, makes the task of pickup and delivery requests less time-consuming.
In the past, VDeliver has participated in Reliance Industries’ startup accelerator program GenNext Hub, utilising the latter’s resources to scale up.
Funding In The Indian Logistics Space
The country’s logistics industry has witnessed a progressive change in recent years. The unprecedented growth of ecommerce companies has necessitated a robust logistics infrastructure geared towards fast and efficient deliveries. Amazon India, for instance, recently poured $32 Mn (INR 207 Cr) into its supply-chain and logistics arm Amazon Transportation Services in June.
In May 2017, Delhivery secured $30 Mn (INR 194 Cr) in funding from Chinese international conglomerate Fosun International. This came only months after the Gurugram-based startup raised $100 Mn from US-based investment fund Carlyle Asia Partners and Tiger Global. The funding round also allowed Carlyle Asia Partners IV to pick up a minority stake in the startup.
Bengaluru-based 4tigo logistics platform made news for raising $100 Mn Series A funding from existing investors Accel Partners and Infosys co-founder Nandan Nilekani in May 2017. Earlier in April, it was reported that Myntra had acqui-hired Bengaluru-headquartered InLogg, a cloud-based B2B technology platform for logistics providers, ecommerce and retail industry, for an undisclosed amount. In March 2017, Gurugram-based Rivigo raised $15 Mn in debt finance from undisclosed leading private sector banks.
With the increase in ecommerce operations, logistics companies have turned out be the benefactor. Other players in the logistics segment besides VDeliver include Bengaluru-based LoadShare, supply chain management and logistics startup Emiza Inc, ElasticRun, intra-city service Blowhorn, LetsTransport etc.