Tata Motors on Thursday said it has inked a pact to acquire a 26.79 percent stake in digital platform Freight Tiger for Rs 150 crore. The company and Freight Commerce Solutions have signed a securities subscription agreement (SSA) and a shareholders agreement (SHA) for the acquisition of the stake in Freight Tiger, the Mumbai-based auto major said in a regulatory filing.
The SSA also includes a provision enabling Tata Motors to further invest Rs 100 crore over the next two years, at the then prevailing market value, it added. Freight Tiger is a digital platform that provides end-to-end logistics value chain solutions for cargo movement in the country.
The platform connects shippers, carriers, logistics service providers and fleet owners to a single digital marketplace, making it easy to find, book and manage freight whilst offering a variety of software as a service (SaaS) solutions to digitise and streamline logistics interactions such as freight tracking, assignment, carrier matching, documentation, and payment processing.
The platform facilitates more than 10 million trips on annualised basis and has been integrating and ironing out inefficiencies in cargo movements over the last 7 years.
"We are committed to transforming road logistics industry with our innovative solutions and services. We believe that by playing a larger and deeper role in bringing all the stakeholders together to improve road logistics efficiency, we can create value for our core customers: the fleet owners," Tata Motors Executive Director Girish Wagh said. Freight Tiger founder and CEO Swapnil Shah said software-led approaches are the lever to transform existing industry assets and supercharge them to work more efficiently for all stakeholders.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM