 "Delhivery acquires Spoton, aims to lead B2B logistics market in India")
Homegrown logistics and supply chain services company Delhivery on Wednesday said it has acquired Bengaluru-based Spoton Logistics for an undisclosed sum, a move that will further strengthen its existing B2B capabilities.
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," said Sahil Barua, CEO, Delhivery.
Samara Capital and Xponentia, who together acquired Spoton from IEP in 2018, are making a full exit for cash as part of the transaction.
"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," said 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.
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In July, Delhivery announced that global giant FedEx will make a $100 million equity investment in the company to unlock 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.
--IANS
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