Future Group on Friday said it has acquired Jasper Infotech-owned Snapdeal's logistics arm Vulcan Express at Rs 35 crore.
"Jasper Infotech, which also owns Snapdeal... has entered into an agreement with Future Supply Chain Solutions... to sell 100 per cent stake in Vulcan Express Pvt Ltd in an all-cash deal valued at Rs 35 crore," a Future Group statement said.
Vulcan Express, which services the logistics requirements of Snapdeal, Airtel and UPS, is focused on e-commerce and high-value business-to-business logistics.
"Through Vulcan, we plan to boost our last mile capabilities and also offer state-of-the-art solutions to our e-commerce and retail clients, including realising our disruptive vision of Retail 3.0," said Kishore Biyani, Founder and Chairman, Future Group.
Future Group is currently piloting its Retail 3.0 strategy where it is making its Easyday stores a marketplace, giving consumers access to the company’s entire inventory through the digital medium. It has been on an acquisition spree to expand its retail presence. Most recently, it bought Shoppers Stop’s HyperCity for Rs 655 crore, making it the company’s fifth such large acquisition.
"Similar to our recent sale of FreeCharge, we believe Snapdeal's sale of Vulcan Express to Future Group is a successful deal for all three parties," said Jason Kothari, Chief Strategy and Investment Officer, Snapdeal, who also led the sale of Snapdeal-owned FreeCharge to Axis Bank.
Future Group operates over 22 million square feet of retail space in 255 cities pan-India.
Vulcan Express has been on a block for several months after Snapdeal decided to sell of its non-core asset as part of its new strategy Snapdeal 2.0. This sale could give Snapdeal with much needed funds after its sale with Flipkart didn’t go through. Snapdeal had been in talks with AllCargo, Gati and TVS Logistics to sell of the logistic arm
It also sold its payments arm Freecharge to Axis Bank for Rs 385 crore.
With IANS inputs