Mahindra Logistics entered into Share Purchase Agreement, Share Subscription Agreement and Shareholders’ Agreement (Agreements) for acquisition of up to 43,972 equity shares and for subscribing up to 63,200 Series ‘A’ Compulsorily Convertible Cumulative Preference Shares of ZipZap Logistics (Whizzard), in tranches. The acquisition would result in the company holding, in aggregate, up to 60% of Share Capital of Whizzard, on a fully diluted basis.
The acquisition will complement the company’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 the company’s growth strategy and this transaction will help accelerate addition of technology, geographical coverage and operational capabilities.
Mahindra Logistics provides logistics solutions, warehousing facilities, freight forwarding and supply chain management services. It also provides people transport solutions, a specialised line of business which helps corporate clients move employees to and from the workplace.
