Friday, Mar 29 2024 | Time 16:10 Hrs(IST)
image
Business Economy


SmartShift and Porter Announce their Intent to Merge

SmartShift and Porter Announce their Intent to Merge

Mumbai, Feb 23 (UNI) SmartShift by Mahindra, part of 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, company release said.

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

UNI JS SM1506

More News
India's core sector output rises to three-month high of 6 7 pc in February

India's core sector output rises to three-month high of 6 7 pc in February

28 Mar 2024 | 7:51 PM

New Delhi, Mar 28 (UNI) Driven primarily by coal, cement and crude oil production, India's core sector comprising of eight key infrastructure components grew 6.7% year-on-year in February 2024, as per data released by Ministry of Commerce and Industry on Thursday.

see more..

Honda Motorcycle & Scooter India achieves historic 6 cr domestic sales milestone

28 Mar 2024 | 7:19 PM

Mumbai, Mar 28 (UNI) Honda Motorcycle & Scooter India (HMSI) announced on Thursday that it has accomplished a historic achievement of 6 crore domestic sales in India. Honda ventured into the Indian market with its first two-wheeler, the Activa, in 2001.

see more..

28 Mar 2024 | 5:28 PM

UNI NK AKS.

see more..
Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

28 Mar 2024 | 5:16 PM

Rudrapur, Mar 28 (UNI) From power Back-up solutions to Batteries and Solar applications, Luminous Power Technologies on Thursday announced the launch of its state-of-the-art solar panel manufacturing facility here.

see more..

Kottayam-Kochi Rubber Market rates

28 Mar 2024 | 5:04 PM

Kottayam, Mar 28 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Thursday per quintal.

see more..
image