Bengaluru: Mahindra and Mahindra will merge its on-demand logistics platform connecting cargo owners and transporters,SmartShift,with truck rental startup Porter.
The Mahindra group will invest Rs 65 crore in the new company to bring operational synergies. However, the merged entity will retain both brands to serve their respective customers. The companies said in a joint statement.
As part of the deal, Goel will be appointed as the chief executive of Mahindra SmartSift, while incumbent CEO Kausalya Nandakumar will ensure a smooth transition and integration of both companies as the joint entity’s interim co-CEO.
SmartShift, which facilitates intra-city pickup and delivery,was the digital mobility startup incubated by the $19-billion Mahindra Group in 2015.
Run by Mumbai-based Resfeber Labs Pvt.Ltd,Porter had raised a $ 10-million Series B round from Mahindra Partners, and existing investors Sequoia Capital and Kea Capita, in December 2016. In mid-2015, it had secured Rs 35 crore from Sequoia and Kae Capital, among others. The company has so far raised around $20 million.
Mahindra group is an active investor in new technologies,initiatives and startups. Way back in 2010, it had acquired Bengaluru-based electric car maker Reva Motors.