Delhivery buys B2B co Spoton Logistics

Chennai: E-commerce logistics company Delhivery has taken over Spoton Logistics, by buying out the stakes held by Samara Capital and Xponentia Capital, in an all cash deal valued at nearly Rs 1,600 crore. Spoton is a B2B logistics company fully owned by the two PE investors, who are exiting after three years. India Equity Partners picked up the stakes of TNT India in Spoton which was later sold to the two PE firms.

PR Srinivasan (PRS), managing partner at Xponentia Capital said, “After being spun off in early 2012 with revenues of less than Rs 12 crore a month, the company has been able to grow close to Rs 1,000 crore a year, due to the emphasis on technology.” Added Gautam Gode, MD, Samara Capital, “Spoton is a unique player in an otherwise legacy industry — controlled by PE funds from Day 1 and with a totally professional and best-in-class management. Delhivery has a similar provenance; that’s why we’re happy that Spoton finds its next home in this new-age player.”

In the last three years, Spoton acquired RTS (a supply chain solutions business) and set up two new verticals focused on “Air express” and “non-corporate customers”. “As a consequence, net sales and EBITDA of Spoton grew at a CAGR of around 24% and 30% respectively,” said the company statement. Abhik Mitra, MD of Spoton Logistics added, “The investment performance shows the power of collaboration between well aligned investors; the Samara and Xponentia teams have a long history of shared accomplishments dating back to their days as Citigroup colleagues.”