Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

SmartShift and Porter Announce their Intent to Merge

Posted On: 2018-02-23 02:05:22

SmartShift by Mahindra, part of the USD 19 billion Mahindra Group today announced an intent to merge with Porter by Resfeber Labs, India's leading tech-enabled logistic solutions provider in the goods transportation space. This merger is subject to corporate and regulatory approvals. Under the aegis of the merged identity, which would be called Mahindra SmartShift, both go-to market brands 'Porter' and 'SmartShift' will continue to service their respective customers and partner-drivers in order to optimise greater operational efficiency. This merger will help both SmartShift and Porter to spread out to a pan India presence in the shared mobility space.

This consolidation is likely to strengthen the joint objectives of SmartShift and Porter within a reasonable time frame. Mahindra has been keen to invest in the shared mobility space as a part of its strategy to promote and participate in sustainable mobility solutions, including promoting load aggregation digital platforms. This is with the objective of enabling improved livelihoods and lifestyles of people, thereby enabling them to RISE.

Mahindra would invest a sum of Rs 65 crore in the two entities which reinforces the group's commitment in this space. This will result in significant business synergies as well as open up new vistas for this business. Pranav Goel will be the CEO of Mahindra SmartShift while Kausalya Nandakumar will work as interim Co-CEO to ensure smooth transition and integration of both the companies.

Speaking on the announcement, Anish Shah, Chairman, SmartShift by Mahindra, said, "Since its inception, SmartShift has become the preferred choice for transporters and customers alike by consistently delivering on its customer value proposition of enhancing the spirit of entrepreneurship amongst transporters and enabling an improved business productivity amongst its customers. Being part of our diversified group while working on a young entrepreneurship culture has been our mantra for SmartShift. Our new association with Porter will be a win-win for both companies and will definitely cement our position in the ever-growing shared mobility space".

Pranav Goel, Co-Founder, Porter mentioned, "Porter is the largest tech-logistics marketplace in the country, having serviced more than 200,000 customers and more than 10,000+ partner-drivers on the platform. This is a strong testament of the platform's seamless customer and partner-driver experience and our association with Mahindra will take it to the next level. The synergies between our business modules are evident and this association with Mahindra will further build on the trust of our stakeholders. With this Porter has now done a cumulative fund raise of more than USD 20 million".

According to a report, the logistics industry in India is pegged at $130 billion with 35%-40% of it being in the intra-city space. It is also estimated that 18 lakh small commercial vehicles complete millions of transactions daily, across the country.

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.720.9 as compared to the previous close of Rs. 708.45. The total number of shares traded during the day was 85031 in over 3614 trades.

The stock hit an intraday high of Rs. 724.45 and intraday low of 700.15. The net turnover during the day was Rs. 60452617.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

DCB Bank announces First Quarter FY 2019 Results

Indiabulls Ventures Limited board to consider 1st quarter results on July 23, 2018

Hindustan Oil Exploration Company Ltd calls for board meeting on July 23, 2018

PC Jeweller Ltd to open new showroom on Aug 1, 2018

Sir Shadilal Enterprises Ltd calls for board meeting on July 23, 2018

Indiabulls Housing Finance Ltd Board to consider Q1 results & Interim Dividend on August 02, 2018

DCB Bank Ltd Q1 net profit up at Rs. 69.50 crores

CCL Products India Ltd Q1 consolidated net profit rises to Rs. 39.46 crores

Bhansali Engineering Polymers Ltd Q1 PAT slips to Rs. 16.77 crores

CESC Ltd board to announce Q1 results on July 26, 2018

Dr. Reddy's to appeal court decision in preliminary injunction hearing for Buprenorphine and Naloxone Sublingual Film

L G Balakrishnan & Bros Ltd calls for board meeting on July 31, 2018

La Opala RG Ltd board to consider quarterly results on Aug 14, 2018

JSPL and Zee Media settle disputes

Apollo Hospitals Enterprise Ltd board to announce first quarter results on Aug 10, 2018

V2 Retail Ltd opens its 66th store

VST Industries Ltd board to approve 1st quarter results on July 21, 2018

Just Dial Ltd Board to consider Q1 results & Buy-back of Equity Shares on July 20, 2018

Infosys Ltd board recommends bonus issue in the ratio of 1:1

Cochin Shipyard Ltd and Inland Waterways Authority of India sign Shipbuilding Contract

Britannia Industries Ltd board to announce 1st quarter results on Aug 6, 2018

Hatsun Agro Product Ltd board to approve Q1 results on July 19, 2018

Infosys Appoints Michael Gibbs as an Independent Director

Adani Green Energy Ltd's arm gets tender for 300 MWac solar project

Vedanta Ltd identified as H1 Qualified Interested Bidder for GMR Chhattisgarh Energy Ltd

Vaibhav Global Ltd allots 1268 shares

Lawreshwar Polymers Ltd appoints independent director

Bajaj Corp Ltd Q1 net profit slips to Rs. 53.76 crores

Infosys Ltd Q1 net profit higher at Rs. 3612 crores

3I Infotech Ltd Q1 consolidated PAT drops to Rs. 6.04 crores

TGV SRAAC Ltd Q1 net profit drops to Rs. 7.82 crores

AVON Mobility Solution Pvt. Ltd to become wholly owned subsidiary of Nucleus Software Exports Ltd

KP Energy and GE India Industrial Pvt Ltd sign agreements for 300 MW project

Reliance Power Ltd board to announce Q1 results on July 21, 2018

Kalyani Steels Ltd board to approve 1st quarter results on July 24, 2018

Punjab Chemicals and Crop Protection Ltd board to consider Q1 results on July 24, 2018

Blue Dart Express Ltd calls for board meeting on July 31, 2018

Kokuyo Camlin Ltd to announce first quarter results on Aug 8, 2018

Wipro Cited as a Leader in Gartner's Magic Quadrant for Data Center Outsourcing and Hybrid IMS, North America

JSW Energy Ltd calls for board meeting on July 27, 2018

Seamec Ltd purchases bulk carrier

Godrej Industries Ltd board to announce Q1 results on Aug 13, 2018

Redington India Ltd board to consider quarterly results on July 31, 2018

Dai-Ichi Karkaria Ltd board to announce first quarter results on Aug 8, 2018

Omax Autos Ltd board to approve 1st quarter results on July 19, 2018

GE Shipping delivers Jag Ratan to buyers

Snowman Logistics Ltd board to consider Q1 results on July 31, 2018

Gujarat State Petronet Limited calls for board meeting on 30th July, 2018

Century Plyboards India Ltd calls for board meeting on July 24, 2018

SCI sells crude oil tanker





Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018