On-demand hyper-local delivery startup Shadowfax acquired smaller player Pickingo Logixpress Pvt. Ltd for an undisclosed amount, two months after Zomato backed out of investing in the startup.
According to ET, Delhi-based Shadowfax has onboarded about 45 employees from Pickingo’s management and a few hundred delivery boys in a cash and stock deal.
This is the third acquisition deal in the hyper-local delivery space in a month. Gurgaon-based Grofers bought business-to-business logistics service provider Townrush and Bengaluru-based food tech start-up SpoonJoy last month.
Gurgaon-based Pickingo was founded in 2014 by Rahul Gill, Piyush Sharma, Rishav Papneja and Siddharth Maheshwari. It handles hyper-local delivery for restaurants, groceries and pharmacies as well as reverse logistics for e-commerce companies such as Snapdeal, Paytm and Jabong.
The start-up raised $1.3 million from Orios Venture Partners and angel investor Zishaan Hayath in August.
Shadowfax was founded by IIT-Delhi alumni Abhishek Bansal and Vaibhav Khandelwal in April 2015. The start-up employs about 40 people, and claims to service about 5,000 orders a day with an average ticket size of Rs 450.