Onmove acquires Hyderabad-based Transin logistics
With a network of more than 34,000 trucks catering to the EXIM and bulk cargo segments, Transin serves major blue-chip clients such as Aditya Birla, Ambuja Cement, ITC, Adani, Nuvoco among others.
Trucking aggregator Onmove recently announced that it has acquired 100% stake of Transin Logistics, a Hyderabad based trucking aggregation platform. Transin is a trucking solution business operating in the Port ecosystem of India, with an annual revenue rate of Rs 200 crore. With a network of more than 34,000 trucks catering to the EXIM and bulk cargo segments, Transin serves major blue-chip clients such as Aditya Birla, Ambuja Cement, ITC, Adani, Nuvoco among others.
Onmove has raised a pre series A round of equity funding led by its existing investors Oliphans Capital with participation from several marquee angel investors like Haresh Chawla. This acquisition is funded through a mix of equity and debt. Venture debt is raised from Chennai-based AIF fund Anicut Capital which has also participated in an equity round.
This partnership will help Onmove broaden its customer base in the commodity segment and enter the Port logistics business with focus on Port to Plant movement.
Transin, in turn, will be able to expand its user services by offering end-to-end logistical assistance for the transport of final products from plant facilities to the end market. With this acquisition, Onmove has achieved an ARR of Rs 600 crore.
Praveen Jain, Co-Founder at Onmove, said in a statement, “Transin is a natural extension of our business as it helps us expand our bouquet of services, boost our network reach and further bolster our tech capabilities. This acquisition is our move towards creating a peerless tech-powered truck aggregation platform in India. Onmove intends to use inorganic growth as an active strategy to achieve expansion. This is Onmove’s first acquisition, and we intend to evaluate many such opportunities in the future.
Since its inception, Onmove has functioned as a pan-Indian network that also provides service to SAARC nations.
Pervinder Singh Chawla, Co-Founder of Onmove, said in a statement, “While the road transportation dominates the logistics sector with a dominant share of 60 percent, the shift towards multimodal infrastructure with a mix of rail, shipping, road, and air transport, will help reduce the congestion on roads along with low crude import bills. Another promising aspect of this association will be that Onmove will be able to explore opportunities in multimodal movement since transportation of bulk commodities is mostly done through a healthy mix of road and rail movement.”
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