Singapore Post (SingPost) has acquired a 30 per cent stake in Australian e-commerce firm Hubbed Holdings for about A$4.3 million (S$4.45 million).
The investment was made through indirect wholly owned Quantium Solutions (Australia), which acquired 85,715 ordinary shares in Hubbed.
In an announcement on Wednesday, SingPost said that if certain agreed performance benchmarks were met, Quantium would pay an additional A$1 million to Hubbed. Otherwise, Quantium would subscribe for another 5 per cent shareholding interest in Hubbed.
Hubbed, a one-stop e-commerce service aggregator, has built a network of some 680 newsagents to provide a parcel delivery service in every major city across Australia.
Its net asset value as at April 30 was approximately AS$0.94 million.
Said Sascha Hower, chief executive of Quantium and group chief operating officer of SingPost: “Now with this partnership with Hubbed, Australians get another level of flexibility – they can collect their parcels through one of the many newsagents in the Hubbed network . . . Customers will have more choice as they can pick up their parcels any time and at their own convenience.”
Added Dr Hower: “We are investing to develop an e-commerce ecosystem to provide seamless access to customers in Australia, and growing markets in Asia Pacific . . . This partnership with Hubbed, which complements CouriersPlease (a door-to-door delivery service across Australia), will help strengthen our e-commerce last-mile capability in the regional e-commerce logistics value chain in the region.”
Quantium’s CouriersPlease has extensive last-mile coverage across Australia and has a network of over 600 franchises nationwide. This enables SingPost to provide end-to-end solutions across e-commerce, forwarding, warehousing and delivery in Australia. SingPost said that to increase customer convenience, Hubbed will also be offering parcel drop-offs and sale of delivery products in the future.