Logistics Firm Xpressbees Acquires Courier Firm TrackonThe acquisition will help XpressBees enter SME courier space and the firm will leverage its existing network to scale up Trackon across the country
ByTeena Jose•
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
物流独角兽Xpressbees已经获得了新的Delhi-based courier firm Trackon in an all-cash transaction to enter the SME courier space. According to an official statement cited by ET, the acquisition will help XpressBees enter SME courier space and the firm will leverage its existing network to scale up Trackon across the country.
"We will expand Trackon using our network and also look at cross-selling our existing services through the franchise network of Trackon. I firmly believe it will empower our respective businesses, change consumer experience for the better, and enable us to build significant synergies across the two organisations," said Amitava Saha, the CEO, Xpressbees, in the statement.
The statement further said that as part of the deal, Prabhat Kumar Anand, founder and CMD of Trackon, will continue to lead the business for at least the next two years. Cofounders Pramod Kumar Singh, Dinesh Rautela and Yoginder Kumar Dabas will move on as part of the acquisition.
"Our partnership with Xpressbees enables us to scale up our business and reach quite significantly. By combining our experience with the capabilities of Xpressbees we will be able to expand our service lines to our existing clients while continuing to offer best-in-class services," noted Prabhat Kumar Anand.
Trackon claims to be a INR 350 crore revenue generating company that serves 5,600 pin codes across the country with plans to expand its services to 12,000 pin codes over the next couple of years. While the company is yet to file its annual financial report for FY23, it reported operating revenue of INR 283 crore in FY22 and turned profitable with INR 8.22 crore profits in books.
