US PE firm acquires India's Shakedeal
US-based private equity firm Vora Ventures has acquired Indian B2B marketplace operator Shakedeal for an undisclosed amount.
Vora, which specializes in B2B technology, expects to grow the company’s product lines and marketing capacity through synergies with its existing portfolio of similar businesses. It has described the investment as its first significant acquisition in India’s $1 trillion B2B commerce market.
“We believe that the B2B market in India is poised for explosive growth supported by the recent liberalization of regulations and taxation by the government,” Mahendra Vora, executive chairman at Vora, said in a statement. “ShakeDeal’s established network, trusted brand and committed team will benefit from our global resources, strategic and infrastructural support and business development expertise as we expand into additional verticals over the next 12 months."
Founded in 2016, Shakedeal is billed as India’s first B2B bulk sourcing online marketplace for small and medium-sized enterprises buying and selling industrial goods, supplies, and raw materials. Product categories include power tools, cleaning materials, and office supplies.
Vora is headquartered in Ohio and operates in India through an IT development center in Bangalore. The firm aims to provide resources, advice, and state-of-the-art infrastructure to portfolio companies, as well as management, financing and M&A advice. It has participated in a number of public-private partnerships in the US focused on technology upgrades.
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