Online food delivery startup TinyOwl and logistics startup Roadrunnr are reportedly going to be merged into a product called Runnr, reports the Economic Times. MediaNama contacted TinyOwl co-founder Gaurav Choudhary for comments, but he declined to confirm or deny the development. We’ve not heard back from TinyOwl all day today. At the time of writing, the Roadrunnr website is down, asking users to check its parent company Carthero Technologies’ website.
Investors & Financials
According to filings with the Registrar of Companies, on 31st December 2015, Carthero made share allotments to:
– Nexus Ventures III (531 preferential shares for around Rs 6.14 crore),
– Sequoia Capital India Investment IV (454 preferential shares for around Rs 5.25 crore),
– Apoletto Asia Limited (1113 preferential shares for Rs 12.88crore ), and
– Kunal Shah (46 shares for Rs 0.53 crore).
The resolution for this funding was passed on December 2nd 2015. Apart from this 10 equity shares each were alotted to Milestone Trusteeship Pvt Ltd – Blume Ventures India Fund II, Apoletto Asia limited and Kunal Shah, on the 2nd of December 2015. On 8th January 2016, Mauritius based Faktory Ventures was allotted 173 preferential shares for Rs 2 crore.
In case of Tinyowl, Tinyowl Technology Private Limited, on November 10, 2015, allotted
– 1723 shares to Matrix Partners India Investment Holding II LLC for Rs 14.68 crore,
– 1392 shares to Nexus Ventures III for Rs 11.86 crore and
– 1392 shares to Sequoia Capital Investments IV for Rs 11.86 crore.
Its list of equity shareholders, disclosed as of 31st March 2015 (therefore before this allotment) include CEO Harshvardhan Mandad, Saurabh Goyal, Tanuj Khandelwal, Gaurav Choudhary, Shikhar Paliwal, Tancom Electronics Private Limited, Deap Ubhi, Kunal Bahl, Rohit Bansal, Matrix Partners India Investment LLC, Nexus Ventures III Ltd and Sequoia Capital India Investments IV. This, the companies have Nexus Ventures and Sequoia Capital as common investors.
For the year ended 31st March 2015, TinyOwl reported revenues of Rs 43.99 lakh, and a loss for the year of Rs 25.10 crore. We couldn’t find financial details for Roadrunnr in its filings.
Runnr a B2B platform for local delivery
Carthero already runs a product called Runnr which lets its users book, track and manage their deliveries and counts KFC, McDonald’s, Myntra, Pizza Hut, Snapdeal, the now defunct PepperTap, Faasos, Xiaomi, GrabEat and others as clients. The company’s also shifted its Twitter account to a new handle ‘RunnrIndia’ last month. Runnr, however, is a B2B platform for businesses offering a fleet of delivery boys to businesses across domains. Its clients can ‘book a delivery boy’, track their orders and get data analytics. Through its Android app, it also offers live tracking, order scheduling, online payment etc. The Bangalore based company was founded by Mohit Kumar and Arpit Dave in February last year. As of now, it also lists 11 jobs across functions like data sciences, business development, delivery, marketing, engineering etc. on LinkedIn. Like Swiggy, it requires its delivery personnel to own a vehicle, a valid license and vehicle insurance to sign up on the platform.
TinyOwl to continue operations for another 3 weeks
The Economic Times report adds that Roadrunnr has brought its technology, analytics, sales, support and management team to TinyOwl, along with the brand name. Apparently, TinyOwl will continue operations where its order volumes are high (areas not mentioned) and phase out later to the new Runnr identity. Runnr will launch by the end of this month. Economic Times had reported in March that such a deal was happening at that time, and that Runnr was looking to raise $40 million. It also said that the combined entity could get into offering bike taxi services.
Food delivery Runnr’s largest chunk
Earlier last month, Mint reported that Roadrunnr was looking to exit ecommerce product delivery to focus on food, groceries and merchant-to-merchant (first mile) deliveries. At the time, Roadrunnr sent Mint a statement saying that it was not closing ecommerce deliveries but realigning to do more first mile than last mile deliveries and closing some locality deliveries but opening new ones for first mile deliveries. In fact, the report also mentions that Runnr might get into bike taxis. The report adds that food delivery accounted for 80% of the company’s orders, and it handles 12,000-15,000 orders daily.