M&A

M&A

Mahindra Logistics acquires 60% stake in ZipZap Logistics for Rs.72-Cr

BSE Disclosure  

Mahindra Logistics Ltd (MLL) has agreed to acquire 43,972 equity shares and subscribe to 63,200 Series A Compulsorily Convertible Cumulative Preference shares of ZipZap Logistics Pvt Ltd (Whizzard), in tranches for INR 71.73 crore in cash. Post-acquisition, MLL will hold 60% of the share capital of Whizzard, on a fully diluted basis. The acquisition will complement MLL's existing last mile delivery business and EDeL, its Electric Vehicle (EV) based delivery services. ZipZap Logistics, headquartered in Hyderabad, is a tech-enabled last-mile delivery logistics company operating under the brand name Whizzard. The turnover of ZipZap for the financial year ended 31 March 2021 stood at INR 88.38 crore.