Hyderabad-headquartered logistics company VDeliver has acquired Towny App, an Andhra Pradesh-based mobile marketplace for hyperlocal services, for an undisclosed amount. As per the official statement, the transaction was made as part of a cash-and-stock deal.
Confirming the development, VDeliver founder and CEO Srinivas Madhavam said “This acquisition is significant for Vdeliver since it allows us to reach out smaller towns across Andhra Pradesh and Telangana. And also, this will open up new avenues of true hyperlocal business with strong unit economics”
According to the terms of the deal, Towny will be rebranded as Exprs and will be formally launched in Hyderabad post the acquisition. Henceforth, Exprs will be specialising in food delivery and other hyperlocal services within the city.
Together with Exprs, VDeliver is aiming to expand its network to a total of 28 tier I and tier II cities, besides Hyderabad and Chennai. The ultimate goal, according to Madhavam, is to strengthen its footprint in the major cities by serving some of the biggest ecommerce players in the country. The company is also gearing up to raise fresh funding to bolster its expansion plans.
Towny App: An Andhra Pradesh-based Marketplace For Hyperlocal Services
Established in June 2016, Towny is hyperlocal services marketplace that serves as a single window for ordering from a wide range of restaurants, supermarkets and pharmacies. The hyperlocal services app also allows users to hire professionals and freelancers from their neighbourhood.
The startup functions as an aggregator of more than 200 services in 28 towns across Andhra Pradesh, including Kadapa, Tirupati, Vizag and Vijayawada. So far, it has clocked over 25,000 app downloads and currently boasts a fleet of 250 service executives spread across the state.