Moovo, Delhi-based on-demand logistics booking platform, has acquired a similar platform GoGoods, in an all stock deal. The deal aims to expand its network in Bihar and Jharkhand. Post acquisition, the five member team will join Moovo. The deal size remained undisclosed.
Launched in December 2014 by Nishant Kumar and Anurag Satyarth, GoGoods, aggregates trucks for intracity transport in Patna and Ranchi. To date, it has partnered with more than 500 trucks in both the cities.
Moovo, founded in same year by Abhishek Anand and Anjani Kumar, help consumers in booking mini trucks, tempos and 16-tonne heavy commercial vehicles for intercity and intra-city transport. It has a fleet size of more than 7000 trucks on its platform. The services are available via website, app and call centre, and the company claims that the assigned vehicle will show up in under 30 minutes for pickup. It currently operates in Delhi/NCR, Kanpur, Kolkata and Bhubaneswar.
The company is presently churning majority of revenue from intercity transports and charge 4-20 percent commission on every transaction. Last year in June, it raised a seed funding from cricketer Yuvraj Singh’s YouWeCan Ventures and other angel investors. It also plans to scout for more such acquisitions for its network expansion across the country.
Last year, Bangalore-based LetsTransport.in also acquired Shifter for an undisclosed amount.
The Indian logistics industry is estimated to grow at a CAGR of 12.17% by 2020, and is currently valued at $300 Bn. Being a vital part of ecommerce and with rising competition, many players are trying to play well on alliances, acquisitions and building an ecosystem.