02 August 2017, India:
Snapdeal’s parent company Jasper Infotech has infused $5.7 Million (Rs. 36.5 crores) in its logistics arm Vulcan Express as per the report by VCCircle.
Vulcan Express Private Limited is a logistics firm that offers end-to-end logistics and supply chain solutions for retail companies with a greater focus on highly dynamic and rapidly growing e-commerce industry in India. It offers a range of services including Pickup, Consolidation and Fulfilment Operations, Warehousing Solutions, Intercity Movement, and Last Mile Delivery services. The team has more than 100+ years of collective experience in the logistics industry. As per RoC filings, Vulcan Express raised the amount against the allocation of 36.5 Million equity shares at a face value of Rs. 10.
Related read-Â Ordered on Flipkart, Snapdeal? Chances are, Amazon Might Deliver it to You!
Meanwhile, Jeff Bezos-led Amazon is expanding its logistics business in India by offering the service to its registered sellers even if orders are placed through rival marketplaces like Flipkart and Snapdeal or for their offline distribution. TVS Logistics, Gati, and Peepul Capital are keen to acquire the logistic arm of Snapdeal- Vulcan Express.
Snapdeal is all set to rise once again with Snapdeal 2.0 after Snapdeal-Flipkart failed to come to an agreement for the merger. The company plans to lay off 1,000 employees, that is equal to 80% of the total workforce. Kunal Bahl and Rohit Bansal have firmly instructed their business and technical heads to restructure their teams and begin the paperwork for their layoff. (Image- crealogistics.com)
Also read-Â Snapdeal to Layoff 1,000 Employees; 80% of the Workforce!