Guragaon, November 14, 2022: Onmove, a high-speed, long-distance trucking aggregator, has recently announced that it has acquired 100% stake of Transin Logistics, a Hyderabad based trucking aggregation platform. Transin is a 100% asset light technology enabled trucking solution business operating in the Port ecosystem of India, with an annual revenue rate of INR 200 crores. Powered by a massive network of 34,000+ trucks catering to the EXIM and bulk cargo segments, Transin serves major blue-chip clients such as Aditya Birla, Ambuja Cement, ITC, Adani, Nuvoco among others.
Onmove has raised a pre series A round of equity funding led by its existing investors Oliphans Capital with participation from several marquee angel investors like Mr Haresh Chawla. This acquisition is funded through a mix of equity and debt. Venture debt is raised from Chennai based AIF fund Anicut Capital which has also participated in an equity round.
This partnership will help Onmove broaden its customer base in the commodity segment which is the largest consumer of trucks. It will further help Onmove strengthen its presence in the southern part of India thus ensuring better load stitching and higher utilization of assets. Besides, it will help Onmove enter the Port logistics business with focus on Port to Plant movement.
Transin, in turn, will be able to expand its user services by offering end-to-end logistical assistance for the transport of final products from plant facilities to the end market. With this acquisition, Onmove has achieved an ARR of ~INR 600 crore.
Mr. Praveen Jain, Co-Founder at Onmove was quoted after the successful acquisition of Transin Logistics, he said, “Transin is a natural extension of our business as it helps us expand our bouquet of services, boost our network reach and further bolster our tech capabilities. This acquisition is our move towards creating a peerless tech-powered truck aggregation platform in India. Onmove intends to use inorganic growth as an active strategy to achieve expansion. This is Onmove’s first acquisition, and we intend to evaluate many such opportunities in the future”
Since its inception, Onmove has functioned as a pan-Indian network that also provides service to SAARC nations. Their network has been considerably strengthened, in particular by virtue of Transin’s powerful position in the port ecosystem all throughout India, as a result of this acquisition.
“While the road transportation dominates the logistics sector with a dominant share of 60 percent, the shift towards multimodal infrastructure with a mix of rail, shipping, road, and air transport, will help reduce the congestion on roads along with low crude import bills. Another promising aspect of this association will be that Onmove will be able to explore opportunities in multimodal movement since transportation of bulk commodities is mostly done through a healthy mix of road and rail movement.” – Mr. Pervinder Singh Chawla, Co-Founder of Onmove
Speaking about the deal from Transin’s perspective, Mr. Sravan Banoth, CEO of Transin, said, “Over the last seven years, we’ve ingeniously created the bleeding-edge technology that has the potential to propel India’s trucking and logistics industry to greater heights. The aligned business model of Onmove positions us well to revolutionize this sector together by sharing our highly stable and advanced technologies, product expansion capacities, and proficient port ecosystem.”