Shadowfax, an on-demand logistics company, is acquiring an ecommerce-focused logistics business, the assets of NuvoEx, for an undisclosed amount.The deal, paperwork for which is almost finalised, will help the merged business expand its services to over 75 cities to facilitate over 90,000 transactions daily. It will have a combined network of over 7,000 delivery personnel and 400...
Shadowfax, an on-demand logistics company, is acquiring an ecommerce-focused logistics business, the assets of NuvoEx, for an undisclosed amount.
The deal, paperwork for which is almost finalised, will help the merged business expand its services to over 75 cities to facilitate over 90,000 transactions daily. It will have a combined network of over 7,000 delivery personnel and 400 minivans, targeting to become the largest last-mile enabler in the country.
"The consolidated business will help in improving the customer density in urban cities while also expanding presence in tier 1 and 2 cities using the operational expertise of the NuvoEx team," said Abhishek Bansal, cofounder, Shadowfax.
Avigna Law acted for Shadowfax and the team was led by Partner Chitra Raghavan along with Associate Shriya Kuruparan.
Samvad Partners advised Nuvo Logistics with a team led by Partner Nivedita Nivargi and Associate Neeraj Vyas.
The transaction size was not disclosed, but according to sources, it is a cash transaction and for a fraction of what the company was worth at its peak in 2015.
The deal will help the merged business expand its services to over 75 cities to facilitate over 90,000 transactions daily.