Logistics services provider Parsel acquires Accord Ecom Solutions
Mumbai-based logistics services provider Parsel Technologies has acquired Accord Ecom Solutions Pvt Ltd, a third-party logistics provider, for a mixture of cash and revenue sharing. Financial details of the transactions are not disclosed.
"Following the acquisition, Accord Ecom's delivery assets and manpower will continue operations under the brand name Parsel," Parsel, which is owned Dropbase Software Pvt Ltd, said in a statement.
The development was first reported by The Economic Times citing Gautam Raghuvanshi, co-founder of Accord Ecom Solutions.
The combined entity will have access to a delivery software system and sales team, in addition to blue-chip clients from both sides.
Accord Ecom, a year-old startup, was solely catering to Flipkart in 19 Indian cities. With the acquisition, Parsel will gain access and cater to demand in these cities, most of which are tier II towns, like Jaipur and Indore.
Accord Ecom was started by Raghuvanshi, Viraj Janak Majmudar and Kedarprasad Sharad Lathkar.
On the other side, founded this year by Akhil Sharma, Himanshu Meena and Rakesh KS, Parsel offers IT infrastructure service to the logistics industry. Currently, it operates in Delhi, Mumbai and Bangalore.
Parsel claims that over 400 delivery agents are completing deliveries with partners including Flipkart, Snapdeal, Amazon, ITC, Local Banya, Ferns and Petals, Mother dairy, Bisleri, Delhivery, Ecom Express, On-Dot Courier, food startups and retail clients, including restaurants, pharmacies and groceries.
Parsel had raised angel funding of Rs 4 crore ($600,000) from Nimir Mehta, an operating partner at CLSA Capital, Singapore, in August this year.
With cash burn rates not exceeding up to Rs 40 lakh a month and monthly revenues crossing Rs 1.5 crore in November, the startup is eyeing partnerships with other companies in the space, it said in the statement.