Mahindra Logistics buys Rivigo’s B2B express business
Mahindra Logistics Limited (MLL), a third-party logistics (3PL) service provider, and logistics startup Rivigo Services Private Limited (RSPL) announced that they had reached an agreement for the purchase of RSPL’s B2B express business by MLL.
Under the terms of the agreement, MLL will acquire the express business through a Business Transfer Agreement (BTA), including the customers, team and assets of RPSL’s B2B express business, RSPL’s technology platform and the Rivigo brand. RSPL will continue to own its truck fleet & the rights to the full truck load (FTL) operations, MLL said in a press release on Monday (September 26).
According to Mahindra Logistics’ stock exchange filing, it has acquired logistics tech unicorn Rivigo for ₹225 crore.
Also read: After RBI directive, Mahindra Finance stops third-party recoveries
The acquisition will augment MLL’s existing B2B express business leveraging Rivigo’s strong network, technology and process capabilities, Mahindra Logistics said.
Gurgaon-based Rivigo operates a pan India B2B express network, and has a robust client base and a full-service technology suite. Rivigo’s B2B express network currently covers over 19,000 pin codes across the nation. Their 250+ processing centres and branches, spanning an area more than 1.5 million sq. ft. will add significant strength to MLL’s express business capability, it added.
Also read: Jobless growth a concern, govt must act, says Anand Mahindra
Rampraveen Swaminathan, MD & CEO, Mahindra Logistics, said, “B2B Express Logistics continues to see strong tailwinds as customers focus on deepening delivery networks, enhance digital adoption and invest in agile supply chains. This acquisition will enhance and strengthen our offerings and reach for our customers in the B2B express and PTL space. Team Rivigo has built deep capabilities, and we look forward to building on the strengths as we integrate the businesses. We are excited by the team, as they share a common ethos with a shared focus on empowering drivers & communities”.
Deepak Garg, CEO of Rivigo, said, “Rivigo has its foundation in the relay full truck load business. Over the years, we have built a strong brand in the PTL / Express services with pan India network and high-quality technology and service backbone. We believe the customers, and employees of our PTL business will benefit greatly from being part of a high-quality, end-to-end Supply chain services company like MLL.”
