Mahindra Logistics has acquired 21,327 equity shares and subscribed to 31,600 Compulsorily Convertible Cumulative Preference Shares (CCCPS) of ZipZap Logistics (Whizzard), in aggregate, constituting 36% of the Share Capital of Whizzard, on a fully diluted basis. With this, Whizzard becomes an Associate of the Company effective from April 08, 2022.
The objective of the acquisition is to enhance the Company’s presence and capabilities in the last-mile delivery and fulfilment services for its customers. 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.
