Mahindra Logistics Ltd. (MLL) would acquire the B2B express business of Rivigo Services, a logistics firm for ₹225 crore, said the company in a stock exchange filing on Monday. The transfer will be effective from October 1.
As per an agreement, MLL would acquire Rivigo’s business through a Business Transfer Agreement (BTA), including the start-up’s customers, team and assets, B2B express business, technology platform and the Rivigo brand.
The acquisition would augment MLL’s existing B2B express business leveraging Rivigo’s network, technology and process capabilities, said the company in a release. Gurgaon-based Rivigo covers 19,000 pin codes across the country. During FY21, Rivigo’s B2B express business accounted for a revenue of ₹295 crore, as per the filing.