Hyperlocal delivery and logistics startup Genie Solutions Pvt Ltd has recently acquired food delivery firm Dinein in an all stock deal, as per the company release.
The acquisition is the part of the Genie’s plan to strengthen its business by adding up the Dinein’s 25-member team, delivery fleet, restaurant partners and their technology in their business in a bid to expand their presence in Chennai.
However, the financial details of the deal have not been disclosed. Dinein, launched in 2012 has collaborated over 250 restaurants in Chennai, helping them in their food delivery process and claims to oversee 6000 orders in a month.
“We see this as a great opportunity to grow and offer great experience to customers. With a focused food delivery service and a pureplay logistics platform coming together, creating a wholesome service that can help users get anything they need at their doorstep,” said Vinit Chordia, founder of Dinein in a statement.
Genie was founded back in 2015 by Rakesh Mani, Sreekesh Krishnan and Parth Shah as a local delivery platform. The startup has seen some tough days for itself. It was shut down in March 2017 due to lack of funds, however it resumed its operations after raising $250K angel funding from unknown India, Dubai and Singapore based high net worth individuals.
Genie is a tech-enabled logistics platform which serves businesses and consumers in Chennai. “The ‘buy’ vertical forms 40% of the business, out of which food delivery is a considerable part and the acquisition helps us bring incredible restaurant partners, thus bolstering commission revenues from the food deliveries we do,” said Genie’s founders.
Genie’s current focus is to grow and consolidate business partnerships. It is currently entertaining over 10,000 monthly users with a fleet of 100 people.