Mumbai
Mahindra Logistics Ltd. (MLL), a Third-Party Logistics (3PL) solution provider, has said it will acquire a majority stake of up to 60% in ZipZap Logistics Private Ltd., a last-mile logistics service provider operating under the brand name ‘Whizzard,’ for ₹71.73 crore.
The acquisition will complement MLL’s existing last mile delivery business and EDeL, its Electric Vehicle (EV) based delivery services, the company said.
“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,” it added.
The acquisition is expected to complete by September 2023.
Hyderabad based Whizzard operates an intra-city distribution network for digital commerce and last mile delivery. It currently enables seamless handling of 60 million packages per year, across segments.
Rampraveen Swaminathan, MD & CEO, Mahindra Logistics Ltd said, “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, “We believe that being downstream to Mahindra Logistics is significant strategic advantage for a last-mile delivery company like us. We look forward to rapidly scaling our business in the coming years”.
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