New age domestic logistics and supply chain giant Delhivery on Wednesday said it has acquired Bengaluru-based Spoton Logistics for an undisclosed sum, a move primed to strengthen its existing B2B capabilities.
With the acquisition, Samara Capital and Xponentia, which acquired Spoton from IEP in 2018, have made a full exit for cash as part of the transaction.
Spoton Logistics is a leading multimodal express logistics and supply chain solutions company in the country.
“Over 10 years, Delhivery has established a leading position in B2C logistics and now by combining our part truckload business with Spoton’s, we will be on the path to the same position in B2B express as well.”~Sahil Barua, CEO, Delhivery
“Spoton is known for its focus on customer relationships and service quality, professional management and technology and engineering, which are values shared by Delhivery as well, and that sets us up to together be one of India’s leading logistics companies.”~Abhik Mitra, Managing Director, Spoton Logistics.
“We will continue to invest in improving our clients’ businesses through our investments in people, technology, network and infrastructure,” he added.
In July, IPO- bound Delhivery announced that global giant FedEx will make a $100 million equity investment in the company to unleash India’s international trade potential.
Delhivery in May announced that it raised $275 million in a primary funding round led by Fidelity Management and Research Company.
With the fresh capital, Delhivery’s valuation was expected to rise to over $3 billion.
Founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Kapil Bharati and Suraj Saharan, IPO-bound Delhivery reported a loss of INR 284 crore during the financial year 2019-2020. It came down from INR 1,781 crore in the financial year 2018-2019.
The revenue rose by 74 percent to INR 2,986.4 crore during the financial year 2020.