[Acquisition Alert] Delhivery Acquires Spoton Logistics To Reinforce B2B Vertical
Delhivery is planning to launch its $500 million IPO and list on the Indian bourses early next year, according to the report
Delhivery, an end-to-end logistics, and supply chain services company in India, confirmed on Wednesday the acquisition of Bengaluru-based Spoton Logistics.
This move further strengthens Delhivery's existing B2B capabilities, the company said.
Samara Capital and Xponentia that together acquired Spoton from IEP in 2018, are making a full exit for cash as part of the transaction.
"This development is consistent with our objective of being growth-oriented and building scale in each of our business lines. 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. More importantly, we are well placed to provide benefits of synergies between our B2C and B2B express businesses to the customers of both Delhivery and Spoton, and further enhance our end-to-end supply chain capabilities," Sahil Barua, chief executive officer, Delhivery.
Kotak Mahindra Capital Company acted as the financial advisor and Shardul Amarchand Mangaldas & Co. acted as the legal advisor to Delhivery on this transaction.
"The Spoton team and I are hugely excited to be part of Delhivery's journey of growth and value-creation. The Delhivery team has done a tremendous job in creating a leading end-to-end logistics, and supply chain services company in India in a short span. 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. We will continue to invest in improving our clients’ businesses through our investments in people, technology, network, and infrastructure. Our teams and our business partners will have an opportunity to be part of a much larger organization with significant opportunities for growth," added Abhik Mitra, managing director, Spoton Logistics.
"Spoton is a great business. Abhik and the team have done a fantastic job of building the company. We take great pleasure in welcoming the entire Spoton team to Delhivery. This is a coming together of two high-quality companies with shared values. Our combined scale and focus on technology and data will enable us to develop new solutions for our customers and allow us to enter new verticals in freight," concluded Sandeep Barasia, chief business officer. Delhivery.
Delhivery is planning to launch its $500 million IPO and list on the Indian bourses early next year, according to the report.