The Hyderabad based e2W smart hub networks startup, BikeWo, has announced the acquisition of Bengaluru-based staff management and business intelligence platform Munim App in a cash-and-stock based strategic acquisition deal.
Under this deal, Munim will continue to operate independently and simultaneously provide exclusive technology and scale-up support to BikeWo in the near future, a release from the smart hub networks startup stated.
The move is strategically-oriented and is expected to be highly beneficial in fortifying the business operations of both the startups over the long term, the release said. With this acquisition, the network startup has also absorbed the workforce and intellectual properties of Munim into its fold, it added.
Going forward, the founders of Munim will be handling its technology arm and shall be placed on the Board of Advisors of BikeWo, while the organisational structure of the Munim App team remains the same, the company said.
Additionally, BikeWo is looking to leverage Munim App’s technological expertise to build and nurture internal and external digital processes and systems that will help them grow and pave the way towards expanding across the nation.
Vidhyasagar Reddy, Co-Founder & Chief Operating Officer, BikeWo, said, “We at BikeWo have ambitious plans to grow by introducing many dealerships pan-India by 2025, having an in-house technology partner like the Munim app will allow us to be able to take on larger operations and transactions with more ease, convenience, and efficiency.”
Anupam Shah, Founder, Munim App, said, “Over the next one year, the Munim App team will work dedicated to strengthening the back-end technology and digital interactions at BikeWo. Thereafter, BikeWo and Munim will be working together to expand our tech-enabled, digital-first offerings to many other stakeholders across the Indian EV market, including OEMs, automobile dealers, and so on.”