VDeliver is a Hyderabad – based logistics startup. The startup announced yesterday (14/11/2017) that it has acquired Towny app, a Telangana – based mobile marketplace for hyperlocal services. The amount for which VDeliver bought Towny app is unknown. Read more on Acquisitions
Confirming the development, VDeliver founder and CEO, Srinivas Madhavam said, “This acquisition is significant for VDeliver since it allows us to reach out to smaller towns across Seemandhra and Telangana. And also, this will open up new avenues of true hyperlocal business with strong unit economics”.
According to the terms and conditions of the deal, Towny will be renamed as Exprs and will be formally launched in Hyderabad in the near future. From now on, Exprs will be specialising in food delivery and other hyperlocal services. With this acquisition, VDeliver is aiming to expand its presence to 28 tier 2 towns in India. The ultimate goal of the logistics startup, according to Srinivas Madhavam, is to expand the startup’s presence throughout India by serving some of India’s largest e-commerce platforms. The startup is also planning to raise fresh rounds of funding to fuel its expansion plans.
Towny app was founded in June 2016. Towny app is a hyperlocal services marketplace that enables its customers to order items from a wide range of restaurants, supermarkets and pharmacies that are in their local town or city. The startup functions as a delivery aggregator for more than 200 services in the towns and cities across Telangana and Seemandhra. So far the startup’s mobile app (Towny app) has witnessed more than 25,000 downloads and presently boasts a fleet of over 250 service executives spread across the states.
Commenting on the latest development, Towny App co-founder and CEO, Suresh Avvaru said, “We are delighted to explore this opportunity of working with team, VDeliver. It’s wonderful to know that our goals have been similar. Our mission and vision are to provide our customers with a sense of pride of being our customer. Together, our interest will be taking the company to next in orbit and focus on the growth trajectory of Exprs”.
The other logistics startups that got funded this year (2017) include the logistics startup, Fortigo which raised US $10 million in Series A round of funding from its existing investors such as Accel India Management Co. Pvt. Ltd. and Infosys co-founder, Nandan Nilekani during May, this year (2017). The logistics startup, Emiza Supply Chain Services, secured US $4.5 million (Rs. 30 crores) in Series A round of funding from the Silicon Valley-based venture capital firm (VC firm), Mayfield during April, this year (2017). The logistic startup, ElasticRun secured US $7 million (Rs. 47 crores) in Series A round of funding from its existing investors such as Kalaari Capital and Norwest Venture Partners during April, this year. The logistics startup, Delhivery secured US $100 million (Rs. 655 crores) in Series B round of funding from the private equity firms, Carlyle Asia Partners and Tiger Group during March, this year. The logistics startup, BlackBuck secured US $30 million in Series C round of funding from its existing investors such as Sands Capital, Accel, World Bank’s IFC and Flipkart during March, this year (2017) just to name a few. Read more on Startup News