Ahead of its proposed IPO launch, Gurugram-based unicorn logistics firm Delhivery today announced it has acquired California-based Transition Robotics Incorporated (TRI) for an undisclosed amount.
This is Delhivery’s third acquisition deal after it acquired Bengaluru-based Spoton Logistics in August this year to strengthen its B2B operations. Prior to that, The logistics firm had acquired a SaaS startup Primaseller for an undisclosed sum.
It’s worthy to mention that Delhivery recently filed its Draft Prospectus (DHRP) papers with the Security Exchange Board of India (SEBI) for a Rs 7,460 crore initial public offering (IPO).
Talking about the acquired company, US-based Transition Robotics Incorporated works on design, prototyping, testing, and manufacturing of small drones, as well as software solutions.
With the acquisition of the US-based manufacturer of unmanned aerial system platforms, Delhivery will also acquire the company’s IP across aerial photography, remote sensing, inspection, and surveys.
Transition Robotics Incorporated, which was founded in 2011, has also developed a drone for landing in constrained take-off and landing areas.
Speaking on the development, Kapil Bharati, Co-founder & Chief Technology Officer at Delhivery, said: “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.”
Delhivery wаs fоunded in Mаy 2011 by Mоhit Tаndоn, Sаhil Bаruа, Bhаvesh Mаnglаni, Kарil Bhаrаti, аnd Surаj Sаhаrаn. The logistics unicorn last reported a revenue of Rs 3,646 crore for FY 2020-21, compared to Rs 2,780 crore for the previous financial year. At the same time, the Net loss for FY 2020-21 stood at Rs 415 crore, as compared to Rs 269 crore for the year before.
Earlier in September this year, Delhivery had raised $76.4 million as part of a Series I funding round led by Lee Fixel’s venture Capital firm Addition.