Mumbai based ethnic products etailer Craftsvilla has acquired on-demand shipping service provider startup Sendd for a deal amount of $4.5 million. With this acquisition, Craftsvilla wants to strengthen and streamline its logistics capabilities. As part of the deal, Sendd will continue to operate independently and will be able to sell its products to other eCommerce firms and marketplaces.
Mumbai-based Sendd was founded by Nav Agrawal, Sumit Wadhwa and Sargun Singh in April 2015, it allows users to send parcels and was processing over 1,500 orders a day with average ticket size being Rs. 160. The startup consists of 150 members in its team and post acquisition, core team (20-30 employees) will be joining Craftsvilla. The company is backed by Kae Capital and after acquisition the firm will get an equity in Craftsvilla.
In November 2015, Craftsvilla raised $34 million (Rs 220 Cr) in Series C round led by Sequoia Capital and Lightspeed Venture Partners. At that time, it was aiming for a valuation of billion dollars, a GMV of $500 million in coming months.Category Business News