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
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