Mumbai-based logistics services provider, Parsel, has merged with Accord Ecom Solutions, a third-party logistics provider in a combined deal of cash and revenue. The combined entity will be called as Parsel.
With this development, Parsel will look to build a strong delivery software system and sales team. Besides, this will also help both companies to roster bluechip clients. For instance, online retailer company Flipkart is of the biggest client of Accord Ecom.
The merger will help Parsel in expansion to tier-II cities like Jaipur and Indore, since Accord Ecom Solutions – set up a year ago – has a pan-India presence.
Founded this year by Akhil Sharma, Himanshu Meena and Rakesh K S, Parsel, offers IT infrastructure service to the fragmented logistics industry that increases capacity utilisation and improves efficiency.
The startup has raised angel funding of over $449K (INR 3 Cr.) from Nimir Mehta, an advisor at CLSA Private Equity India.
With less cash burn of about INR 40 lakh a month and monthly revenues crossing INR 1.5 Cr. in November – Parsel is doing about 12,500 deliveries per day. Currently, it is operational in Delhi, Mumbai and Bangalore and has clients including Flipkart, Amazon, Snapdeal, food company – Faasos, furniture etailer – Pepperfry, ITC, Samsung and Bisleri.
Gautam Raghuvanshi, cofounder of Accord Ecom Solutions said, that the merger with Parsel was due to their strength in the marketing and sales department that complemented Accord Ecom Solutions’ experience in operations.
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