As Shadowfox is focusing on last-mile delivery service, the on-demand logistics startup is looking to acquire the business assets of NuvoEx, an e-commerce focused specialized logistics business. The terms of the acquisition deal are not yet known.
NuvoEx had shut down its consumer-facing grocery delivery business PepperTap in April last year. The company announced at that time that it will start focusing on its logistics business.
This acquisition deal is not yet official, but as per the reports, paperwork for the deal is almost finalised. With this deal, the company will be able to expand its services to over 75 cities to facilitate over 90,000 transactions daily.
It will now have a combined network of over 7000 delivery personnels and 400 minivans, targeting to become the largest last-mile enabler in the country. Abhishek Bansal, co-founder and chief executive, Shadowfax said:
The consolidated business will help in improving the customer density in urban cities while also expanding presence in Tier 1 and 2 cities using the operational expertise of the NuvoEx team.
Aditya Systla, vice president, Eight Roads Ventures, which is an investor in Shadowfax, said,
This acquisition represents the next chapter in Shadowfax’s journey to become the market leader in intra-city express logistics,” said . “NuvoEx brings geographical reach and a depth of logistical know-how.
NuvoEx, founded in 2013 by Navneet Singh and Milind Sharma. The company currently facilitates over 30,000 transactions daily across its reverse logistics network in over 75 cities and its unique store delivery network comprising of 700+ local kirana stores.
It is catering to over 40 clients including, Flipkart, Amazon, Snapdeal, Paytm, Myntra and Jabong. It was backed by online marketplace Snapdeal as well as venture firms Sequoia Capital India, SAIF Partners, Ru Net and Innoven Capital.
Shadowfax, on the other hand, was founded in early 2015 by Bansal and Vaibhav Khandelwal and competes with the likes of Roadrunnr, which merged with Tiny Owl and rebranded itself as Runnr recently.