Logistic Company Shadowfax Acquires NuvoEx

In a bid to focus on last-mile delivery, on-demand Logistics Company Shadowfax is set to acquire the business assets of NuvoEx, an e-commerce focused specialised logistics business, for an undisclosed amount. NuvoEx, which has raised over $50 million in funding, had shut down its consumer facing grocery delivery business PepperTap in April last year to focus on its logistics business.

Abhishek Bansal, cofounder and chief executive, Shadowfax said “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”.

NuvoEx, founded in 2013 by Navneet Singh and Milind Sharma, currently facilitates over 30,000 transactions daily across its reverse logistics network in over 75 cities and its unique store delivery network comprising of 700+ local kirana stores (Paketts Network). The business serves over 40 clients including, Flipkart, Amazon, Snapdeal, Paytm, Myntra and Jabong. It was backed by online marketplace Snapdeal as well as venture firms Sequoia Capital India, SAIF Partners, Ru Net and Innoven Capital.

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 7000 delivery personals and 400 minivans, targeting to become the largest last-mile enabler in the country.

Shadowfax, on the other hand, was founded in early 2015 by Bansal and Vaibhav Khandelwal and competes with the likes of Roadrunnr, which merged with Tiny Owl and rebranded itself as Runnr recently.

Aditya Systla, vice president, Eight Roads Ventures said “This acquisition represents the next chapter in Shadowfax’s journey to become the market leader in intra-city express logistics. NuvoEx brings geographical reach and a depth of logistical knows”.