IPO-bound Delhivery acquires US-based drone technology company
Delhivery has acquired Transition Robotics Inc for an undisclosed amount. This marks the IPO-bound logistics startup's third acquisition during the year.
Ahead of its proposed Initial Public Offering (IPO), Gurugram headquartered logistics services player has announced the acquisition of Transition Robotics Incorporated (TRI) for an undisclosed amount, said a statement issued by the company.
With the acquisition of the California-based manufacturer of unmanned aerial system platforms, Delhivery will also acquire the company’s IP across aerial photography, remote sensing, inspection and surveys.
Founded in 2011, Transition Robotics works on design, prototyping, testing and manufacturing of small drones, as well as software solutions. The company has also developed a drone for landing in constrained take-off and landing areas.
“While we continue to build our supply chain platform, we must look at the long-term developments poised to shape the industry. Bringing TRI onboard gives us a chance to get directly involved with core Drone Technology as regulations and use cases for drones are evolving in the country,” said Kapil Bharati, Chief Technology Officer at Delhivery in the statement.
This marks Delhivery’s third acquisition during the year. It had previously announced the acquisition of Primaseller, a Software-as-a-Service platform for small businesses to manage inventory. In August it had also acquired business-to-business logistics provider, Spoton Logistics, for an undisclosed amount.
Delhivery filed its Draft Red Herring Prospectus with markets regulator SEBI in November to raise Rs 7,460 crore (nearly $1 billion) from the public market.
The company reported a revenue of Rs 3,646.5 crore for FY 2020-21, compared to Rs 2,780 crore for the previous financial year. Net loss for FY 2020-21 stood at Rs 415.7 crore, as compared to Rs 269 crore for the year before.
Delhivery serves over 17,000 pin codes across the country and offers logistics services including express parcel transportation, partial and full truck load freight, cross-border shipping, supply chain and technology services. It caters to over 21,000 customers across ecommerce, SMEs and enterprises and brands.