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Grofers acquires logistics service provider Townrush

Grofers

Grofers has acquired the B2B logistics service provider Townrush for an undisclosed amount, reports Mint. The report mentions that this acquisition is essentially an acqui-hire, and that Townrush will cease to exist as an independent entity.

Founded in May this year by Prakash Banerjee, Ashutosh Banerjee and Tushar Bisht, Townrush lets customers and merchants connect with various logistic partners. The company charges merchants to deliver goods within 30 minutes, and claims to currently complete around 500 orders a day in Bangalore. In July, the platform raised an undisclosed amount in seed funding from Lightspeed Venture Partners.

Other acquisitions: Note that earlier this week Grofers apparently also acqui-hired SpoonJoy. SpoonJoy had raised $1 million in May and an undisclosed amount of funding late last year. Grofer’s isn’t new to acquisitions, in April, the company acquired mobile grocery service My Green Box for an undisclosed amount. It was reported then that this was also an acqui-hire, with Varun Khurana, founder of My Green Box appointed as the CTO of Grofers. Grofers had said then it planned to build depth in its grocery vertical, where it claimed 60% of its business came from.

Grofers funding: In April, the Gurgaon based company raised $35 million in funding, at a valuation of $115 million. The funds were to be used for expansion across categories and to new cities. At the time, the company mentioned that it was planning to add pharmaceuticals and electronics in the near future. Grofers also raised series A funding of $10 million in February this year after raising an undisclosed amount of seed funding in December last year.

Grofers, which was started in January 2013, claims that it works with 250 vendors, processing 30,000 deliveries per month, out of which one fifth happen through the mobile app. It claims to process over 700 orders every day in Delhi-NCR and Mumbai. It also delivers in Mumbai, Bangalore and Hyderabad. It even lets users order through Twitter with the #TweetnShop and claims delivery time of less than 90 minutes.

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