Future Supply Chain Solutions, that belongs to Kishore Biyani, has made up its mind to fully acquire Snapdeal’s logistics service provider Vulcan Express Pvt Ltd. Vulcan Express Pvt Ltd. for 35 crore.
Future Supply Chain is present pan-India, with 44 warehouses, 14 logistics hubs, 106 branches, and over 4.2m square feet of warehousing space.
In a statement, Biyani said that through Vulcan, the company plans to boost its last mile capabilities and also offer state-of-the-art solutions to its e-commerce and retail clients.
Snapdeal Chief Strategy and Investment Officer Jason Kothari said, “Similar to our recent sale of FreeCharge, we believe Snapdeal’s sale of Vulcan Express to Future Group is a successful deal for all three parties.”
The statement also quoted Kothari as saying that the company “divests off an asset that is non-strategic in nature for Snapdeal 2.0, allowing it to focus its capital and management on its core e-commerce business; Future Group gains high-quality pan-India end-to-end e-commerce logistics capabilities, and Vulcan secures a great new home for its business, including its team”.
Future Group has been on an acquisition spree in the recent past. In October last year, Future Retail executed share purchase agreement (SPA) with Shoppers Stop for its Rs 655-crore acquisition of Hypercity Retail in stock-and-cash deal.
Last week, Future Retail said it will fully acquire Travel News Services India (TNSI) in a Rs 100 crore deal, a move which would help the company to further consolidate its retail business.
