Bengaluru-based Shadowfax to acquire assets of logistics firm NuvoEx

The amount of the deal has not been disclosed.
Bengaluru-based Shadowfax to acquire assets of logistics firm NuvoEx
Bengaluru-based Shadowfax to acquire assets of logistics firm NuvoEx
Written by :

The rapid strides ecommerce businesses have taken, have benefitted logistics companies all over and the latest to be in the news is Bengaluru based Shadowfax. This company is said to be taking over the business assets of another company NuvoEx, engaged in similar activity for an undisclosed amount, as per a report by Varsha Bansal in The Times of India. 

NuvoEx ran PepperTap, which was handling last mile grocery deliveries, but closed this unit to concentrate on its core logistics business. NuvoEx was founded in 2013 and has received funding to the extent of $50 million. The company effects almost 30,000 deliveries each day across nearly 75 cities and its client list reads like a virtual who’s who in the ecommerce space. These include Flipkart, Amazon, Snapdeal, Paytm, Myntra, Jabong and around 30 more. NuvoEx received funding from Sequoia Capital India, SAIF Partners, Ru Net and Innoven Capital while Snapdeal also provided it support.

As far as Shadowfax is concerned, it came into being in 2015 and its portfolio includes point-to-point delivery for clients engaged in diverse business verticals like ecommerce, food, grocery and pharma. The Amazon Prime scheme offering next day deliveries is also handled by Shadowfax.

With the acquisition of NuvoEx, Shadowfax aims to become number one in the country in the intra-city express delivery segment where same day deliveries are attempted on behalf of their clients. The combined entity will have the strength of 7,000 delivery personnel and they will service 75 cities in India, supported by 400 minivans and would conclude a staggering 90,000 transactions daily.

The takeover exercise is in the last leg with the paperwork being completed and the physical merger on the ground may take place soon.

Related Stories

No stories found.
The News Minute