India's Tata Motors to buy 27% stake in Freight Tiger for US$18 million
INDIAN automaker Tata Motors said on Thursday (Oct 19) it will buy a 26.79 per cent stake in digital logistics firm Freight Tiger for US$18.05 million, looking to boost its truck and freight operations.
Freight Tiger, which connects shippers, carriers, logistics service providers and fleet owners to a digital marketplace, will bolster Tata Motors’ own connected vehicle platform, ‘Fleet Edge’, Tata Motors said in a regulatory filing.
The deal will also allow Tata Motors to invest a further 1 billion rupees (S$16.5 million) over the next two years, the company said in a statement.
Freight Tiger processes 4 per cent of India’s total freight and counts Florintree Advisors and Lightspeed India Partners among its investors, according to its website. It reported a 23 per cent rise in fiscal 2023 revenue to 190 million rupees.
The deal is expected to be completed by Nov 15. REUTERS
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