Page 38 - ITLN March - April 2022 issue

News

Mahindra Logistics to acquire

majority stake in Whizzard XpressBees raises

ahindra Logistics announced its “Expanding technology-based $300 million in
Macquisition of a majority stake in last-mile services is an integral part funding from
ZipZap Logistics, a last-mile logistics of MLL's growth strategy,” reads the Blackstone, TPG,
service provider operating under its release. ChrysCapital
brand 'Whizzard'. The acquisition will Hyderabad-based Whizzard operates
complement MLL's existing last-mile an intra-city distribution network pressBees announced it
delivery business and EDeL, its Electric for digital commerce and last-mile Xhas raised $300 million in
Vehicle (EV) based delivery services. delivery. Whizzard currently enables a Series F funding round led by
seamless handling of 60 million private equity funds Blackstone
packages per year, across diverse Growth, TPG Growth and
segments. Led by a strong ChrysCapital. Existing investors,
founding team of Ankit Investcorp and Norwest Venture
Madhania and Arun Partners, also participated in the
Rao, Whizzard Series F round. With this round,
has grown 10X the total amount of funds raised
in the last three by XpressBees exceeds $500
years and serves million. Avendus Capital acted as
customers with its the exclusive financial advisor to
full-stack digital XpressBees on this transaction.
capabilities and The capital will be used
micro-distribution to evolve into a full-service
centres catering to logistics organization, support
3000+ pin codes. the business in its next
phase of growth, product
development, and hiring talent.
Mukesh Mehta, senior
TESSOL expands its range of managing director in
Blackstone Private Equity,
breakthrough indiWRAPTM solution based in India, said: “Amitava
Saha has done a phenomenal
ESSOL– is all set to raise the bar of fruits, seafood and meats as well job of transforming XpressBees
Tcold chain solutions in India with its as pharmaceutical products. The from an up-and-coming startup
breakthrough indiWRAPTM technology. solution ensures product quality with a into one of the top logistics
TESSOL aims to solve the last-mile 60-minute temperature maintenance businesses in India today.
distribution problem in India, and had guarantee in every delivery without XpressBees is still at an early
launched indiWRAP as an ice-cream and using any insulation. This further help stage and has a long runway of
frozen food delivery solution last year. brands increase their delivery radius development.”
indiWRAP has been extremely successful in a simple and cost-effective manner.
in helping brands fulfil their promise and With insulation, the product can be cost-
reach a wider customer base. effectively transported up to 72 hours.
Encouraged by the success in
ice-cream delivery with
e-commerce brands, TESSOL
has expanded the product range
to include other verticals like
gourmet chocolates, imported

36
March - April 2022 www.itln.in