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Delhivery, AWS and Nexus launch startup accelerator Velocity for logistics companies
Economic Times
·
1y ago
Medial
Logistics major Delhivery has partnered with Amazon Web Services (AWS) and Nexus Venture Partners to launch a six-week accelerator program called Velocity for logistics startups. The inaugural edition of Velocity had 20 selected startups, receiving mentoring and insights on fundraising strategies and growth hacking. Delhivery aims to build a logistics ecosystem to help new entrepreneurs transform their ideas into functional business solutions in the rapidly growing logistics industry.
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Nexus Ventures Partners sells 1.06% stake in Delhivery for Rs 344 Cr
YourStory
·
11m ago
Medial
Venture capital firm Nexus Ventures Partners has sold 1.06% stake in Delhivery, an Indian integrated third-party logistics service provider, for over Rs 344 crore. The sale was conducted through a bulk deal on the National Stock Exchange (NSE), with Nexus Ventures III selling over 78 lakh shares at an average price of Rs 440 apiece. The buyers of the shares have not been disclosed. Prior to the sale, Nexus Ventures III held a 7% stake in Delhivery. Following the transaction, shares of Delhivery settled 1.94% lower at Rs 429.70 on the NSE.
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Vah Vah founders’ new startup raises funds from Peak XV and Nexus
Entrackr
·
1y ago
Medial
Brightpoint Studios, a new startup founded by the co-founders of vocational training startup Vah Vah, has secured funding ahead of its public launch. Peak XV and Nexus are leading the investment round with an estimated amount of $5-6 million. The startup plans to follow a Thrasio model for gaming apps and has already acquired one company. Brightpoint Studios will officially launch in the coming weeks. Vah Vah was part of the Peak XV Partners' accelerator program Surge, which supported several other startups. Nexus is currently working to close a $700 million fund for US and Indian startups.
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Magicpin Ventures Into Logistics Aggregation Space, Eyes 1 Lakh Daily Orders
Inc42
·
1y ago
Medial
Hyperlocal delivery startup Magicpin has ventured into the logistics aggregation sector with its new platform, Velocity. Designed to address challenges posed by the fragmented nature of the logistics market, Velocity offers aggregation services for third-party logistics providers including Shadowfax, Dunzo, and Ola. With a current average of 5,000 orders per day, Magicpin plans to scale this up to over 100,000 daily orders. Velocity provides hyperlocal deliveries, live workforce tracking, real-time order updates, and customer feedback mechanisms. The platform is available for integration by businesses of all sizes.
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SoftBank likely to sell stake worth $150 million in India's Delhivery: report
Economic Times
·
1y ago
Medial
According to a report, SoftBank is planning to sell its stake worth $150 million in Indian logistics company Delhivery. The move is part of SoftBank's broader strategy to reduce its exposure to the Indian startup ecosystem as it faces financial challenges due to its investments in companies like WeWork. SoftBank is expected to sell the stake to a single buyer. Delhivery is one of India's largest logistics companies, providing services like last-mile delivery and warehousing.
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AWS selects seven Indian Gen AI startups for global accelerator
YourStory
·
11m ago
Medial
Amazon Web Services (AWS) has chosen seven Indian Gen AI startups to participate in its AWS Global Generative AI Accelerator program. The selected companies are Convrse, House of Models, NeuralGarage, Orbo.ai, Phot.ai, Unscript AI, and Zocket. These startups have been recognized for their use of artificial intelligence and their potential for global expansion. They will have the opportunity to present their solutions at AWS' re:Invent event in Las Vegas. AWS has invested $230 million to support startups worldwide in developing generative AI applications. In India, AWS has supported generative AI startups through initiatives like the AWS GenAI Loft in Bengaluru.
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Festival season boosts Delhivery to second consecutive profitable quarter
Livemint
·
8m ago
Medial
Indian logistics firm, Delhivery, reported a net profit of INR 10.2 crore ($1.37 million) in the September quarter, compared to a loss of INR 103 crore in the same period last year. Delhivery attributed the profit to robust volume during the festival season. Revenues for the quarter grew 12.8% to INR 2,190 crore. The company also saw growth in its express parcel, part truckload, and cross-border services. Delhivery expects the positive trend to continue for the rest of the year, despite losing market share to Meesho's in-house logistics partner, Valmo. The company plans to introduce faster options for shipping and launch a third-party shared quick commerce network.
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Delhivery, Ecom Express seek CCI nod for their Rs 1,400-crore deal
YourStory
·
3m ago
Medial
Logistics company Delhivery Ltd and Ecom Express are seeking approval from the Competition Commission of India for a Rs 1,400-crore deal where Delhivery will acquire a controlling stake in Ecom Express. Both companies believe the acquisition won't disrupt competitive dynamics, focusing on enhancing service through investments in infrastructure, technology, and network. The deal underscores the need for advancements in cost efficiency and reach in India's logistics sector, regulated for fair competition by CCI.
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AWS Launches Its First Space Tech Accelerator Program, With T-Hub, And Minfy
OutlookIndia
·
1y ago
Medial
Amazon Web Services (AWS) India has introduced its first accelerator program called AWS Space Accelerator: India. The program aims to support start-ups in the space technology sector by providing technical expertise, business mentoring, and support from T-Hub and Minfy. This initiative follows the memorandum of understanding signed by AWS with ISRO and IN-SPACe last year to nurture start-ups and drive innovation in space-tech. The 14-week accelerator program offers dedicated resources, guidance, and up to $100,000 in AWS credits for qualifying start-ups. The program is open to early-stage and mature start-ups based in India until March 17th, 2024.
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Delhivery surges almost 7% intraday after launch of new trucking terminal in Bhiwandi
Inc42
·
1y ago
Medial
Shares of Delhivery surged almost 7% during intraday trading after the logistics company announced the launch of its largest mega-gateway in Bhiwandi, one of India's largest trucking terminals. The new terminal, built over a sprawling 1.2 million square feet area, will boost Delhivery's capacity for Mumbai and the West Zone's freight shippers. Equipped with an advanced automation system, the facility can handle over 32,000 shipments and 17,000 freight units per hour. Delhivery aims to maintain world-class service and increase its presence in the logistics market.
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SoftBank-backed Delhivery locks horns with Warburg-backed Ecom Express over IPO filing
VCCircle
·
11m ago
Medial
SoftBank-backed logistics company, Delhivery, has accused its rival, Warburg Pincus-backed Ecom Express, of providing misleading data in its IPO prospectus. Delhivery argues that Ecom's reported shipment volumes and calculation of cost per shipment are flawed and potentially inflated. Delhivery raised concerns about discrepancies in Ecom's service EBITDA calculation and pointed out a factual inaccuracy regarding the number of pin codes covered by Ecom's services. The allegations highlight ongoing competition among logistics companies in India's rapidly growing e-commerce sector.
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