After raising $1.3 Mn in a funding led by Orios Venture Partners in August this year, Pickingo, has been bought by Shadowfax.
With this, Gurgaon-based on-demand hyperlocal delivery services startup, Shadowfax, has onboarded about 45 employees from Pickingo’s management, and a few hundred delivery boys in a cash and stock deal.
The financial terms of the deal have been kept undisclosed.
Co-founded by Rahul Gill, Piyush Sharma, Rishav Papneja, Atul Mittal and Siddharth Maheswari, Pickingo, is an on demand B2B hyperlocal delivery service startup, present in six cities including Delhi-NCR, Mumbai, Bangalore, Pune, Jaipur and Hyderabad.
It has more than 300 restaurants, groceries and pharmacies signed up in its kitty, and reported doing 3,000 deliveries per day for ecommerce reverse pick up and 700 deliveries in hyperlocal segment, with a delivery strength of 300 people before getting acquired.
On the other side, Shadowfax raised $8.5 Mn in its Series A round of funding led by Fidelity’s proprietary investment firm Eight Roads Ventures in September this year, with an aim to diversify into other segments such as grocery, bakery, pharmaceuticals and ecommerce.