Page 29 - ITLN September - October 2023 for Magzter

News

Zepto raises $200mn at
$1.4bn valuation, only
Indian unicorn in 2023

Mahindra Logistics,

Flipkart partner for

line haul solutions

ahindra Logistics has Vehicles, which will run on epto announced its $200 million Series
Mcollaborated with Flipkart multiple national routes. ZE fundraise, valuing the company at $1.4
for integrated line haul solutions Rampraveen Swaminathan, billion. Zepto has raised $560 million in total
that will enhance operational MD & Chief Executive Officer, till now.
efficiency and consistency Mahindra Logistics says, “We "The fundraise brought in major new
as well as reinforce shared are pleased to collaborate with investors onto the cap table with the StepStone
commitment to innovation. Flipkart and provide these Group leading the round (which is their first
"Mahindra Logistics will pan-India dedicated line haul direct investment in an Indian company).
provide a dedicated fleet of transportation solutions. Additionally, Goodwater Capital, a consumer-
heavy commercial vehicles, These solutions expand our focused venture capital firm based in California,
assistance in route management current line haul offerings joined the round as a new investor. Existing
and network operations, and for Flipkart enabling them investors like Nexus Venture Partners, Glade
advanced analytics for Flipkart’s to reduce their total cost Brook Capital and Lachy Groom doubled
pan India operations," says an of operations and improve down in Zepto with meaningful follow-on
official release. service. Our enhanced fleet investments," says an official release.
Mahindra Logistics will management standards, “The fundraise, in the midst of the deepest
operate 32-feet single axle integrated with a focus on driver downturn in capital markets in over a decade,
heavy commercial vehicles for wellness and diversity, will serve validates Zepto’s best-in-class operating
Flipkart in collaboration with to deliver higher standards of discipline, the release added.
Daimler India Commercial operational quality.”

Maersk to strengthen India distribution

network with more than 500 EVs

ithin a year of deploying several customers," says an
Wthe first set of electric official release. w
vehicles (EVs) in India, Maersk Vikash Agarwal, Managing
is all set to strengthen its EV Director, Maersk South
fleet to over 500 vehicles in 26 Asia says: “With growing
cities covering first-, middle- e-commerce came the
and last-mile distribution growing demand, especially
across India. for middle- and last-mile
"In September 2022, distribution but it is not
Maersk unveiled its three- limited to just any distribution
wheeler and four-wheeler EVs means – our customers are
in Mumbai, and soon rolled keen on decarbonising supply
them out for its first customer chains rapidly, and we are
in the NCR region. Since then, that can support distribution and with that has come an stepping in to support them
the awareness around EVs logistics in India has risen, unprecedented demand from with our fleet of EVs in India.”
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