28 August 2018, India:
A consortium of investors led by Samara Capital, Xponentia Fund Partners has acquired logistics startup Spoton Logistics Pvt. Ltd for ₹550 crore in cash.
The development was reported by Economics Times.
After acquisition, the existing Spoton leadership team will continue to drive and execute the next phase of Spoton’s growth strategy, working closely with the Samara and Xponentia Teams, it said in a statement.
Abhik Mitra, MD and CEO, Spoton Logistics said, “We are delighted to have the new investor group on board in the next phase of our journey towards excellence and leadership. Their support for strong management teams to run the company, whilst playing a key role as a value-added partner focused on business strategy, internal controls, governance, financial management, and identifying and supporting growth opportunities, through business alliances and or M&A, will bring rich rewards to all. The existing Spoton leadership team will continue to drive and execute the next phase of Spoton’s growth strategy, working closely with the Samara and Xponentia teams.”
Abhishek Kabra, Director, Samara Capital said, “The Spoton leadership team has done a fantastic job in building a defensible and profitable proposition in the opportunities-rich logistics sector, which is seeing and will continue to see the tailwinds due to GST, e-way bill and other initiatives. Spoton’s success has been driven by strong corporate governance, an outstanding management team, supported by a pan-India network, covering 20,000-plus pin codes, which is driven by a global quality network engineering, led by technology and analytics. We look forward to partnering with them for an equally exciting second innings.”
Devinjit Singh, Managing Partner, Xponentia said, “We are excited to be part of Spoton’s journey to becoming a leading logistics company in India. Abhik leads an entrepreneurial management team that has leveraged technology to build scale and provide great customer service. As the introduction of GST transforms the logistics industry in India, working with Samara and the management team, we see exciting possibilities to build SpotOn into a great company.”
Samara Capital was founded by Sumeet Narang and Gautam Gode in 2006. It is entrepreneurially run India focused private equity firm. It invests in Emerging Indian Companies (EICs) – which it defines as those businesses that are poised for rapid transformation, have strong entrepreneurial minded management team and a favorable industry context.
Spoton was founded in 2011. It has registered office in Mumbai and the Head Office in Bangalore. It claims to be a network of around 1000 people across India.
(Image – Maritime Gateway)
