India`s Tata Motors to buy 27% stake in Freight Tiger for $18 million
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Indian automaker Tata Motors said on Thursday it will buy a 26.79% stake in digital logistics firm Freight Tiger for 1.50 billion rupees ($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 over the next two years, the company said in a statement.
Freight Tiger processes 4% of India's total freight and counts Florintree Advisors and Lightspeed India Partners among its investors, according to its website. It reported a 23% rise in fiscal 2023 revenue to 190 million rupees.
The deal is expected to be completed by Nov. 15th.
