Zast Logisolutions Pvt. Ltd, which runs truck aggregator platform Onmove, on Monday said it has acquired Hyderabad-based Transin Logistics for an undisclosed sum in an all-cash transaction.
Gurugram-based Onmove said in a statement that the acquisition will boost its southern India’s footprint, besides making room for its foray into port logistics business.
The buyout further catapulted Onmove’s annual recurring revenue to Rs 600 crore, it added.
Founded in 2015, Transin is technology enabled trucking solution business that operates in port ecosystem of India for movement of bulk and bulk like commodities from port to plant. It serves clients such as Aditya Birla, Ambuja Cement, ITC, Adani and Nuvoco, among others.
“Over the last seven years, we have ingeniously created the bleeding-edge technology that has the potential to propel India’s trucking and logistics industry to greater heights. The aligned business model of Onmove positions us well to revolutionize this sector together by sharing our highly stable and advanced technologies, product expansion capacities, and proficient port ecosystem,” said Sravan Banoth, chief executive officer of Transin.
Meanwhile, Onmove, backed by venture capital firm Oliphans Capital, was founded by Praveen Jain and Pervinder Singh Chawla in 2016, is a tech enabled trucking aggregation platform catering to time sensitive reliable services.
“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,” Jain said.
Zast Logisolutions Pvt. Ltd, which runs truck aggregator platform Onmove, on Monday said it has acquired Hyderabad-based Transin Logistics for an undisclosed sum in an all-cash transaction.
Gurugram-based Onmove said in a statement that the acquisition will boost its southern India’s footprint, besides making room for its foray into port logistics business.
The buyout further catapulted Onmove’s annual recurring revenue to Rs 600 crore, it added.
Founded in 2015, Transin is technology enabled trucking solution business that operates in port ecosystem of India for movement of bulk and bulk like commodities from port to plant. It serves clients such as Aditya Birla, Ambuja Cement, ITC, Adani and Nuvoco, among others.
“Over the last seven years, we have ingeniously created the bleeding-edge technology that has the potential to propel India’s trucking and logistics industry to greater heights. The aligned business model of Onmove positions us well to revolutionize this sector together by sharing our highly stable and advanced technologies, product expansion capacities, and proficient port ecosystem,” said Sravan Banoth, chief executive officer of Transin.
Meanwhile, Onmove, backed by venture capital firm Oliphans Capital, was founded by Praveen Jain and Pervinder Singh Chawla in 2016, is a tech enabled trucking aggregation platform catering to time sensitive reliable services.
“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,” Jain said.