Mahindra Logistics acquires 60% stake in ZipZap for Rs 72 cr
WAREHOUSING & LOGISTICS

Mahindra Logistics acquires 60% stake in ZipZap for Rs 72 cr

Third-party logistic solutions provider, Mahindra Logistics Limited (MLL) announced its acquisition of a majority stake in the last-mile logistics service provider - ZipZap Logistics which operates under the brand Whizzard.

Mahindra Logistics will acquire 60% in the firm for Rs 71.73 crore via primary as well as secondary purchases within two phases. It will further buy the remainder of its stake later on and turn it into a fully-owned subsidiary. The acquisition will be completed by MLL before November 30, 2023.

MD and CEO Mahindra Logistics Rampraveen Swaminathan said the acquisition will help Mahindra in making deeper inroads towards smaller towns and cities in which Whizzard is having a strong presence. It will help them get into multiple formats for a last-mile delivery such as quick commerce coming up in a big way.

From the company’s growth perspective the last mile is very important. From the perspective of the industry, last-mile accounts for 15% of them but contributes 40% of the cost for the companies.

Along with the changing customer requirements and increasing demand for quick delivery the last mile delivery is growing at a very rapid pace. Much of the rapid growth came from e-commerce. Various new formats of the last mile delivery solutions are changing. The company is acquiring 60% via primary as well as secondary purchases. It is considered to be purchased for a consideration of Rs 71.73 crore in two stages.

Image Source

Also read: Mahindra Logistics leased 1.4 mn sq ft warehouses at LOGOS'

Third-party logistic solutions provider, Mahindra Logistics Limited (MLL) announced its acquisition of a majority stake in the last-mile logistics service provider - ZipZap Logistics which operates under the brand Whizzard. Mahindra Logistics will acquire 60% in the firm for Rs 71.73 crore via primary as well as secondary purchases within two phases. It will further buy the remainder of its stake later on and turn it into a fully-owned subsidiary. The acquisition will be completed by MLL before November 30, 2023. MD and CEO Mahindra Logistics Rampraveen Swaminathan said the acquisition will help Mahindra in making deeper inroads towards smaller towns and cities in which Whizzard is having a strong presence. It will help them get into multiple formats for a last-mile delivery such as quick commerce coming up in a big way. From the company’s growth perspective the last mile is very important. From the perspective of the industry, last-mile accounts for 15% of them but contributes 40% of the cost for the companies. Along with the changing customer requirements and increasing demand for quick delivery the last mile delivery is growing at a very rapid pace. Much of the rapid growth came from e-commerce. Various new formats of the last mile delivery solutions are changing. The company is acquiring 60% via primary as well as secondary purchases. It is considered to be purchased for a consideration of Rs 71.73 crore in two stages. Image Source Also read: Mahindra Logistics leased 1.4 mn sq ft warehouses at LOGOS'

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?