Bengaluru-based new age relocation-focussed firm Hybrid Shifting, led by former Interem Solutions CEO Rahul Pillai has acquired packers and movers platform Pikkol in a cash transaction. The companies did not disclose financial details of the deal.
Pikkol’s employees, including the leadership, will stay with the company to further develop the technology and its product offerings, according to a statement.
The acquisition comes on the back of Hybrid Shifting’s $2.5 million capital raise from Transworld International.
Founded in 2015, Pikkol, backed by the Indian Angel Network (IAN), operates as a relocation service platform where customers can search for a tailor-made solution for their relocation needs. It was founded by IIM alumni Deepu Chandran, Jayaram Kasivisweswaran, NIT Calicut alumnus Siby Mathew and Suraj Valimbe from Welingkar Institute of Management), who joined the startup as co-founders.
“This strategic acquisition allows Hybrid Shifting to stay ahead of the curve when it comes to technology, partner network across 100 cities in India and the loyal customer base of Pikkol,” the company said.
IAN invested in Pikkol in 2016 led by Revathy Ashok, and angel investor Raj Rathi. The startup had also raised early-stage investment from other angel investors, including Ajay Nanavati, former chairman of 3M India, the Indian arm of US multinational conglomerate 3M Co., and Afsal Salu, co-founder of hyperlocal delivery company Delyver, which was acquired by BigBasket.
“With this collaboration, our customers can now choose between a white glove service and a no frill service without compromising on the quality and commitment,” said Chandran, founder and CEO of Pikkol. “This divestment and partnership is in-line with our strategic vision to let us concentrate on logistics services for our clients.”
