And it's already Wednesday, geez this week has been going by quite fast. Seems like India finally has a stimulus but it's not entirely clear where the money is coming from. Coming to the day's news, we've have a logistics aggregator raising a Series C round & an interesting acquisition. 1. https://tcrn.ch/2yI6zmr (TechCrunch): Shiprocket Series C ➡️ Shiprocket, a shipping aggregator based in New Delhi, has raised over $13M in a Series C round led by Tribe Capital (a SF Venture Fund) with participation from Innoven Capital & Bertelsmann India Investments. ➡️ And while this is Tribe Capital's first investment into an Indian company, Arjun Sethi (Partner) previously invested in NiYO through Social Capital back in 2018.
➡️ So what does Shiprocket do? As a shipping aggregator it negotiates with several shipping carriers on behalf of its sellers and is able to negotiate favorable terms. The company also lets seller integrate its ordering channel and acts as central hub for a seller's operations. ➡️ The company already has 35,000 sellers in India and processes 2M monthly shipments. I'm also quite impressed with the range of the company's sellers- from influencers and smaller DTC companies to Gillette and Bira. ➡️ Shiprocket reminds me of a company that I found back in 2013 called Browntape that was an ordering channel aggregator in a time when Flipkart and Snapdeal and the other eCommerce platforms were taking off, but Shiprocket goes a step further in aggregating shipping services as well so sellers on all kinds of eCommerce platforms can sell online and manage the full stack of their business from one platform.
2. https://bit.ly/3fFQb6B (Inc42): HealthAssure acquires FitMeIn ➡️ A healthcare aggregator has acquired a fitness platform called FitMeIn in an all stock transaction worth a 50L allotment in HealthAssure. The company has 568 clients as per recent filing and lets employees of companies take fitness classes & access gyms at partner locations. ➡️ This has been a very rough couple of months for gyms and fitness studios, so as an aggregator of those FitMeIn's business has probably plummeted in this time period. ➡️ It also seems like the deal doesn't seem terribly favorable for FitMeIn, which has raised $100k (Crunchbase) back in 2016 at a valuation probably greater than 50L, so it is definitely not a great outcome for the founders or the funders. ➡️ It would seem that HealthAssure would include FitMeIn in their corporate wellness product but I'd be very interested to see how the world of fitness actually plays out post-COVID. ➡️ Firstly with the rise of remote workouts & video workouts, some part of the population might not return to physical gyms for a while and with a possible greater emphasis on fitness and health, would employees want to use their corporate fitness plan or splurge a bit more for a higher end service? ➡️ All in all, it probably doesn't work out very well for FitMeIn while HealthAssure acquires the companies' clients for a relatively cheap amount while not having to give up any cash.
Feedback & ❤️ always appreciated
More tomorrow :) BONUS (Tweet of the day): https://twitter.com/abhayjani4/status/1260194741720944641