Transin Logistics is acquired for all cash by Onmove, a truck aggregator.
- ByStartupStory | November 15, 2022
Onmove, a truck aggregator platform managed by Zast Logisolutions Pvt. Ltd., announced on Monday that it has acquired Hyderabad-based Transin Logistics for an undisclosed sum in an all-cash deal. Onmove, based in Gurugram, claimed in a statement that the acquisition will expand its presence in southern India and free up space for it to enter the port logistics market
Onmove’s yearly recurring revenue increased to Rs 600 crore as a result of the acquisition, it was stated. Transin, a technology-enabled trucking service company, was established in 2015 and works in India’s port ecosystem for the transportation of bulk and bulk-like commodities from port to plant. Among its customers are Aditya Birla, Ambuja Cemeny ,Newsppent, ITC, Adani, and Nuvoco.
“Over thelast 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,” Sravan Banoth, Transin’s chief executive officer, said. While this is going on, Praveen Jain and Pervinder Singh Chawla created Onmove, a tech-enabled trucking aggregation platform that specializes in timely, dependable services, in 2016. Onmove is supported by venture capital firm Oliphans Capital. “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 added.
Follow Startup Story
Related Posts
