Stock Report

Mahindra Logistics to acquire majority stake in Whizzard

Posted On : 2023-11-29 23:29:42( TIMEZONE : IST )

Mahindra Logistics to acquire majority stake in Whizzard

Mahindra Logistics Ltd. (MLL), one of India's largest Third-Party Logistics (3PL) solution providers, today announced its acquisition of majority stake in ZipZap Logistics Private Limited, a last-mile logistics service provider operating under its brand 'Whizzard'.

The acquisition will complement MLL's existing last mile delivery business and EDeL, its Electric Vehicle (EV) based delivery services. Expanding technology based last mile services is an integral part of MLL's growth strategy and this transaction will help accelerate addition of technology, geographical coverage and operational capabilities.

Hyderabad based Whizzard operates an intra-city distribution network for digital commerce and last mile delivery. Whizzard currently enables seamless handling of 60 million packages per year, across diverse segments. Led by a strong founding team of Ankit Madhania and Arun Rao, Whizzard has grown 10X in the last three years and serves customers with its full stack digital capabilities and micro-distribution centres catering to 3000+ pin codes.

Speaking on the occasion, Rampraveen Swaminathan, MD & CEO, Mahindra Logistics Limited said, "Last Mile Delivery & Fulfilment continues to see strong tailwinds with increased digital adoption, expanding delivery networks and onset of quick commerce. This association will enhance and strengthen our existing presence for our customers in e-commerce and other segments. The Whizzard team has built deep capabilities and delivered strong growth till date. We look forward to building the association together and providing customers integrated solutions".

Ankit Mandhania and Arun Rao, co-founders of Whizzard said, "Mahindra Logistics is one of the most respected logistics companies in India. We believe that being downstream to this and respected brand with a large customer base is significant strategic advantage for a lastmile delivery company like us. We are thrilled to join hands with Mahindra Logistics and look forward to rapidly scaling our business in the coming years".

Shares of Mahindra Logistics Limited was last trading in BSE at Rs. 359.30 as compared to the previous close of Rs. 359.55. The total number of shares traded during the day was 18985 in over 815 trades.

The stock hit an intraday high of Rs. 360.90 and intraday low of 357.55. The net turnover during the day was Rs. 6822332.00.

Source : Equity Bulls


MahindraLogistics INE766P01016 Acquisition MajorityStake Whizzard