Truck aggregator Moovo.in has acquired Patna-based GoGoods Pvt. Ltd, in an all-stock deal. The acquisition of GoGoods, which aggregates trucks for intracity transport in Patna and Ranchi, will help Moovo to expand its networks into Bihar and Jharkhand. Currently Moovo operates in Delhi-NCR, Kanpur, Kolkata and Bhubaneswar.
As part of the deal the five-member GoGoods team will join Moovo. Moovo, which had raised an undisclosed amount in seed funding last year, plans to scout for more such acquisitions to power its expansion across India.
Founded in December 2014 by Nishant Kumar and Anurag Satyarth, GoGoods has partnered with more than 500 trucks in Ranchi and Patna. GoGoods has been bootstrapped so far. Moovo was founded in December 2014 by Abhishek Anand and Anjani Kumar, it has a fleet size of more than 7000 trucks on its platform. Delhi-based company claims that it is growing at 100% month on month. Its clients include Pepsi, Patanjali, Flipkart, Rivigo and others.
Last year, Bengaluru-based logistics startup LetsTransport.in had acquired Shifter, a similar venture which connects mini-truck owners, for an undisclosed amount. In December, BlackBuck raised $25 million in Series B funding from Tiger Global and other investors. In the same month, Delhi-based TruckMandi raised under $2 million in pre-Series A funding. In April 2015, Mumbai-based online logistics marketplace The Porter also raised Rs 3 crore from Kae Capital.
Image Source: ShutterStock
Advertisements