06 June 2018, India:
Vora Ventures has acquired B2B online marketplace ShakesDeal. The deal size has not been disclosed yet.
The investment will be used to support the ongoing growth and expansion of ShakeDeal into new vertical markets and product lines and to make it a preferred destination for businesses in India to purchase supplies, tools and raw materials, the company said in a statement.
Akshay Hegde, Co-Founder & Managing Director, ShakeDeal said, “ShakeDeal is expected to grow at a significant rate, triggered by technology improvements to its proprietary sourcing software and by the addition of complementary services and products.”
Akshay Hegde added, “The traction gained in the last 12 months is an indicator that demand for bulk sourcing, inter-state and global trading is set to increase multi-fold. This partnership unlocks an opportunity for ShakeDeal to introduce a sophisticated negotiating environment and state-of-the-art logistics management that benefits B2B buyers in India.”
Mahendra Vora, Executive Chairman at Vora Ventures said, “We are thrilled to have ShakeDeal as part of our portfolio, our first significant acquisition in India.”
Mahendra Vora added, “We believe that the B2B market in India is poised for explosive growth supported by the recent liberalization of regulations and taxation by the Government. ShakeDeal’s established network, trusted brand and committed team will benefit from our global resources, strategic and infrastructural support and business development expertise as we expand into additional verticals over the next 12 months.”
ShakeDeal was founded by Akshay Hegde, Akash Hegde, and Santhosh Reddy in 2016. It is a web and mobile-enabled B2B Bulk Sourcing Marketplace for Industrial Goods, Supplies, and Raw Materials. It enables procurement through its proprietary negotiation software along with on-demand aggregate buying to provide a fillip to millions of SMEs and businesses in their sourcing efforts for reselling or consumption.
(Image – crunchbase)