Biznextindia : Mahindra Logistics Ltd. (MLL) on Thursday said that it has signed a Business Transfer Greement with Rivigo Services Private Limited (RSPL) and its promoter for acquisition of the B2B express business of Rivigo along with all rights, title, beneficial ownership and interest therein, as a going concern, on slump sale basis for Rs.225 crore.
Rivigo operates in two key business segments i.e Full Truck Load and B2B express business. During FY 2021-22, Rivigo’s B2B express business earned a turnover of Rs. 371.3 crore. The acquisition will augment MLL’s existing B2B express business leveraging Rivigo’s strong network, technology and process capabilities.
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.
Gurgaon based Rivigo operates a pan India B2B express network, has a robust client base and a fullservice 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.
“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” Rampraveen Swaminathan, MD & CEO, Mahindra Logistics Limited said.