The logistics marketplace Vahak, based in Bengaluru, has purchased Instalogist, a long-distance truck booking software, and load marketplace platform.
Vahak stated in a statement that it intends to use the acquisition to increase its capacity to provide services to the Indian road transportation sector in order to grow more quickly and expand its network.
However, the transaction cost was not made public. By the end of this month, the transaction is anticipated to be finalized.
Vahak is an open marketplace for logistics that connects shippers and transportation SMEs to offer transportation services. It was founded in 2019 by Karan Shah and Vikas Chadrawat. On Vahak’s platform, transport SMEs may also develop their web brand.
MANAGEMENT VIEWS OF VAHAK
“Working together with like-minded partners has allowed us to share our technological prowess and knowledge with an expanding network. The change is in keeping with our goal of meeting the requirements of the rapidly expanding Indian transportation community. We are on pace to become the one-stop shop for all logistics requirements for the Indian road transportation industry with Instalogist,” according to Shaha, CEO and co-founder of Vahak.
Following the acquisition, Vahak’s users registered businesses, and value-added services, including vehicle and cargo insurance, GPS, and online medical consultations, will be available to Instalogist users.
Users will also have access to the Vahak marketplace, which matches loads with lorries based on tonnage and vehicle specifications, route and delivery deadlines, and effective return load booking.
Bengaluru-based In a Series A round of fundraising led by Nexus Venture Partners last year, Vahak raised $14 Million. Additionally taking part in the funding round were Fundamental, iSeed Ventures, Leo Capital, RTP Global, and Titan Capital.
According to Inc42’s “The State of Indian Startup Ecosystem Report 2022,” the country’s intercity road logistics business will have a total value of $299 Billion by 2025. On-demand, intercity logistics is anticipated to account for about 63% of the entire demand. Contrary to the conventional contractual approach, the majority of this demand is likely to be spontaneous and paid in advance.
By the end of the month, the acquisition is anticipated to be complete, at which point Instalogist users will have access to Vahak’s two million registered companies, over 500,000 monthly active users, and value-added services like vehicle and cargo insurance, GPS, safe and secure payments, and online medical consultations. Users will also have access to Vahak’s cutting-edge marketplace, powered by AI and ML, which matches loads with lorries based on tonnage and vehicle requirements, route and delivery schedules, and effective return load booking.
CEO and Co-Founder of Instalogist Pramod Prakash stated, “Partnering with Vahak is a natural next step for us. We are eager to work with like-minded technopreneurs that want to deploy targeted technology for load owners and the supply-side trucking community to revolutionize the Indian logistics industry.”