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23Mar By NitishNo Comments

CHINA

Tmall Global Unveils New Initiatives to Boost China’s Imports

Hangzhou, China: Tmall Global unveiled two key initiatives that further Alibaba’s plans to bring $200 billion worth of international goods into China over the next five years and help businesses of all sizes enter the China market. The initiatives the "Centralized Import Procurement (CIP)" and "Tmall Overseas Fulfillment (TOF)" are import solutions offered by Tmall Global to help international brands accelerate their entry into China and capitalize on hot demand for high-quality products. As the biggest cross-border platform in China, Tmall Global not only helps brand open up flagship stores on the platform, but also offers direct import services that can help bring international goods, from companies of all sizes sell into the Chinese market, benefiting Chinese consumers with an e...

7Mar By PriyankaNo Comments

FUNDING

MovingNow Raises Angel Funding From a set of Individuals

Logistics Tech company MovingNow raises angel funding from a set of investors. This was led by a couple of big-ticket individual investments from NRIs giving them the honour of receiving FDI in the angel round. MovingNow has introduced a unique pricing algorithm for their B2C business which they have filed for a patent that makes it simple for the users to place moving orders on the website. While B2B business is conducted on the mobile application on Demand/Supply mechanism. Most of the funds would be utilized to expand into new geographies in India. This would result in hiring additional staff and improve upon technology to correlate with the growing bandwidth. Founding CEO of MovingNow Manish Datta says, "Logistics must be simple. We at MovingNow, inspired by the optimism of the i...

Reliance acquire Logistics Services platform Grab in $15 million

3Mar By AdityaNo Comments

ACQUISITION

Reliance acquire Logistics Services platform Grab in $15 million

RIL-arm Reliance Industrial Investments has entered into agreements to acquire logistics services platform Grab and software firm C-Square Info Solutions. Reliance Industries, in a regulatory filing, said its wholly owned subsidiary Reliance Industrial Investments and Holdings has entered into an agreement for acquisition of equity shares of Grab A Grub Services Private Limited ('Grab') for a cash consideration not exceeding Rs 106 crore. "RIIHL will further invest an amount of up to Rs 40 crore and is likely to be completed by March 2021. The total investment will translate into 83 per cent of equity capital in Grab on a fully diluted basis," RIL said. "The aforesaid investment will further augment the group's digital commerce initiatives and strengthen its logistics services, ca...

After CCI Clearance, SoftBank Buys 22.44% stake in Indian Logistics Firm Delhivery

28Feb By AnkitaNo Comments

ACQUISITION

After CCI Clearance, SoftBank Buys 22.44% stake in Indian Logistics Firm Delhivery

The Competition Commission of India (CCI) on Wednesday said it has approved the acquisition of 22.44 per cent stake in logistics firm Delhivery by SoftBank Vision Fund. The deal is worth over Rs 3,200 crore, according to reports. According to a filing to the CCI, the deal involves subscription of 22.44 per cent of the total share capital of Delhivery and consequently “potential subsequent acquisition of shares at a price and on such terms to be agreed.” The Japanese company will invest in the logistics firm through its holding company SVF Doorbell. In a tweet, the CCI said it “approves acquisition of 22.44 per cent of the total share capital of Delhivery Pvt Ltd (on fully diluted basis) by SVF Doorbell (Cayman) Ltd“. SoftBank Vision Fund is a venture capital fund focused on ...

Kuwait Vehicle Leasing Business Will Grow More Than 9% From 2018-2023

10Jan By AdityaNo Comments

MIDDLE EAST

Kuwait Vehicle Leasing Business Will Grow More Than 9% From 2018-2023

Analyst at Ken Research suggests that demand for long term leasing services in the Kuwait will grow at a positive growth rate. With slump in Oil and Gas sector in the past few years, the vehicle leasing industry have been increasingly focusing on non-oil sectors such as FMCG, Telecom, Healthcare, Logistics, Construction to boost their revenue and expand market share. For more information Kuwait Long Term Vehicle Leasing Market During the period 2013-2018, Kuwait vehicle leasing market grew at a positive growth rate. There were several factors that influenced the growth such as growth of end user industries, increase in number of new establishments, focus on non-oil sector end users and other factors. The growth in non-oil sector/industries and stable construc...

Tech Investor SoftBank Group Invests $450 million in Delhivery

21Nov By Gauri SinghNo Comments

BUSINESS

Tech Investor SoftBank Group Invests $450 million in Delhivery

The global technology investor SoftBank Group Corp is in its final stage of investing a huge amount of $450 million in Delhivery, which is India's largest e-commerce-centric logistics company by revenue. This particular deal is expected to value the company at over $1 billion, entering into the unicorn club. Through its Vision Fund, SoftBank is set to invest an estimated $350 million (about Rs 2,500 crore) in fresh capital into the company. Along with this, the Tokyo-headquartered strategic holding investor is expected to undertake secondary transactions, estimated at $100 million, to further bump up its stake in the company. As part of secondary exits, the company’s founders are likely to abolish their ownership substantially. SoftBank will emerge as the single largest shareholde...

Temasek and Ascendas-Singbridge to Invest 2000 Crore in India

7Jun By Lavina TolaniNo Comments

BUSINESS

Temasek and Ascendas-Singbridge to Invest 2000 Crore in India

Global Investment Company Temasek and Singapore's Ascendas-Singbridge are looking forward to investing Rs. 2000 crore in India's industrial real estate and logistics sector. It is interesting to note that Ascendas-Singbridge has launched an "Ascendas India Logistics Programme" which has Temasek as its principal investor. Speaking of the latest development, Ascendas said in its official statement, Temasek and Ascendas-Singbridge Group have jointly committed Rs 20 billion (approx Singapore dollar 400 million) to invest in logistics and industrial real estate in key locations in India. The investment strategy for the programme will be executed by "Ascendas-Firstspace" which is a platform established by Ascendas-Singbridge and Firstspace Realty in 2017. Interestingly, India's indust...

18Apr By NitishNo Comments

FUNDING

Chennai Based Intracity Logistics Platform Raises 20 Crore Funding

Chennai based mini-truck aggregator platform raises ₹20 Cr funding from its existing investor, Ramco Group and the promoters - P.R. Venketrama Raja (Chairman, Ramco Systems) and his son Abinav Raja(Co-founder, Lynk). Founded by Abinav Raja and Shekhar Bhende, Lynk is an intra-city on-demand last mile technology platform that connects customers (individuals/businesses) with trucks (logistics service providers) to efficiently move goods. The app service was first launched in Chennai and are now planning to expand to other cities. "We have proven time and again that some of our drivers have generated Rs. 45,000 to Rs. 50,000 per month on a Tata Ace and are confident that this will be sustainable for at least five years down the line”, said Mr. Shekhar. The startup has received ₹6...

Accel Partners Invests Rs 40 Crore in Online Logistics Startup

17Apr By PriyankaNo Comments

FUNDING

Accel Partners Invests Rs 40 Crore in Online Logistics Startup

Accel Partners, a private equity investment firm has invested about Rs 40 crore in online freight logistics firm Cogoport. In a press release, the Cogoport said, "it has secured Series A funding round from Accel Partners, however, the company did not disclose the amount it has raised but according to our sources the amount is around 40 crore." "The fund will enable Cogoport to invest in developing new products and fuel business growth by expanding globally and increase its footprint in the domestic market," the statement said. Cogoport is an online international freight exchange currently offering price discovery and booking using a data-driven technology solution. Incorporated in May 2016, Cogoport provides end-to-end global freight solutions for importers and exporters. The b...

16Apr By NitishNo Comments

FUNDING

Pando Raises Funding From Nexus Venture, Freshdesk Founder & others

Bengaluru based logistics company Pando has raised $2 Million seed funding led by Nexus Venture Partners. Kashyap Deorah at Hypertrack, Girish Mathrubootham at Freshdesk, Nishant Rao at Sirion Labs (Ex-LinkedIn India MD), and P Balaji at Vodafone (Ex-Nokia, Sony Erickson India MD) also participated in this round. Digital enabled logistics platform Pando solves a key problem of convergence, on the demand (shipper or enterprise) side of the ecosystem, which is a large, global white-space. The platform was built on a simple observation logistics is inherently networked. In India, the logistics market estimated is up to $200 billion every year. Globally, this number is close to $10 Trillion. The Pando Enterprise Suite is one of the region’s first enterprise-grade logistics management ...

9Apr By Sheldan RungasamyNo Comments

FUNDING

Mumbai-Based Porter Raises Funding From Mahindra

Porter, a logistics marketplace based in Mumbai raised Rs 50 crore funding from Mahindra Group in a Series C funding round. Resfeber Labs Private Limited operates the firm and allotted 246,280 shares of Rs100 each for the funding at a premium of Rs 1932.20 per share on March 28, 2018. Presently, the startup raised over Rs 135 Cr from investors that comprise of Sandeep Tandon, Anupam Mittal, Kae Capital, Sequoia Capital and Mahindra. As part of the deal, Mahindra’s Smartshift will merge with Porter. Porter was founded in 2014 by three IIT alumni, notably, Pranav Goel, Vikas Chaudhary and Uttam Digga and specializes in helping residents hire light trucks in order to shift their goods from one place to another. Moreover, Porter combines technology and logistics in its service to ensure ...

5Mar By NitishNo Comments

News

Rivigo Senior Management Resigned

A major ‘U-turn’ event is likely to be taking place at India's leading technology enabled logistics company ‘Rivigo’. The news is coming that more than half a dozen major executives, managers, senior and mid-level executives have decided to resign from their respective positions in the company. Rivigo offers pan India services to e-commerce, pharmaceutical and FMCG services. The recent development is a very gigantic step in the recent turn of events for the company, which was established in 2014, by Deepak Garg and Kalra. Chief Financial Officer Mr. Pramod Gupta from Microsoft, who joined the company in 2017, has served the notice for the resignation. The major exits include Bablu Tiwari, from Gati courier services has already exit. ALSO READ: Logistics Solutions Provider Rivigo ...