Delhi-based company AUTOnCAB that enables users book autos and cabs, has acquired Gurgaon-based grocery ordering app, BigZop in a stock and cash deal. Post acquisition, BigZop’s main focus will be on improving the logistics of its service.
NGA Technologies Pvt. Ltd, the parent company of AUTOnCAB will be launching five new products in next one year.
“We are working on a new and better product in the hyperlocal segment. The idea is better earning opportunities for auto drivers and easing the daily commute of urban consumers” BigZop’s Co-Founder Aaditya Goyal told iamwire in reference to the synergies of this acquisition.
BigZop was launched in June 2015 by IIT Kharagpur alumnus Aaditya Goyal, Mayank Bana and Subhajit Ray. It offers items from categories ranging from fruits & vegetables, grocery, beverages, personal care, household and dairy. In August, the startup was said to be in final talks to raise $600,000 in its seed funding round for expansion to more areas in north India and even in eastern parts of the country by the end of this year. But, now the company has shared the news of its acquisition and hasn’t commented on the funding.
The online grocery market is gaining the investors’ interest from the last few months with players like LocalBanya, PepperTap, Grofers, Myonsto, BigBasket, iOrderFresh among others giving each other a cut throat competition. Most of them have already raised funding to extend their presence and fuel their growth strategy.
Among these companies, Peppertap’s parent is an eCommerce logistics firm and the grocery vertical was launched owing to the hyper local expertise of its founders. Likewise Grofers started as an O2O hyper local venture, which eventually tapered to become more focus on groceries than other verticals.
“The domestic online retail industry is evolving into a hyperlocal, on-demand market. India’s eCommerce market is estimated to grow 15 times to $300 billion by 2030,” as per Goldman Sachs report. With this acquisition, BigZop will grow and expand helping it to compete with other players in the field.