SmartShift and Porter Announce their Intent to Merge

 

  • Mahindra to invest a further amount of Rs 65 crore in the two entities
  • Merged entity to optimise greater operational efficiency
  • To result in a Pan India reach in the growing shared mobility space

Mumbai: SmartShift by Mahindra, part of the USD 19 billion Mahindra Group today announced an intent to merge with Porter by Resfeber Labs, India’s leading tech-enabled logistic solutions provider in the goods transportation space. This merger is subject to corporate and regulatory approvals.

Under the aegis of the merged identity, which would be called Mahindra SmartShift, both go-to market brands ‘Porter’ and ‘SmartShift’ will continue to service their respective customers and partner-drivers in order to optimise greater operational efficiency. This merger will help both SmartShift and Porter to spread out to a pan India presence in the shared mobility space.

This consolidation is likely to strengthen the joint objectives of SmartShift and Porter within a reasonable time frame. Mahindra has been keen to invest in the shared mobility space as a part of its strategy to promote and participate in sustainable mobility solutions, including promoting load aggregation digital platforms. This is with the objective of enabling improved livelihoods and lifestyles of people, thereby enabling them to RISE.

Mahindra would invest a sum of Rs 65 crore in the two entities which reinforces the group’s commitment in this space. This will result in significant business synergies as well as open up new vistas for this business. Pranav Goel will be the CEO of Mahindra SmartShift while Kausalya Nandakumar will work as interim Co-CEO to ensure smooth transition and integration of both the companies.

Speaking on the announcement, Anish Shah, Chairman, SmartShift by Mahindra, said, “Since its inception, SmartShift has become the preferred choice for transporters and customers alike by consistently delivering on its customer value proposition of enhancing the spirit of entrepreneurship amongst transporters and enabling an improved business productivity amongst its customers. Being part of our diversified group while working on a young entrepreneurship culture has been our mantra for SmartShift. Our new association with Porter will be a win-win for both companies and will definitely cement our position in the ever-growing shared mobility space”.

Pranav Goel, Co-Founder, Porter mentioned, “Porter is the largest tech-logistics marketplace in the country, having serviced more than 200,000 customers and more than 10,000+ partner-drivers on the platform. This is a strong testament of the platform’s seamless customer and partner-driver experience and our association with Mahindra will take it to the next level. The synergies between our business modules are evident and this association with Mahindra will further build on the trust of our stakeholders. With this Porter has now done a cumulative fund raise of more than USD 20 million”.

According to a report, the logistics industry in India is pegged at $130 billion with 35%-40% of it being in the intra-city space. It is also estimated that 18 lakh small commercial vehicles complete millions of transactions daily, across the country.

About SmartShift by Mahindra

SmartShift by Mahindra, an on-demand logistics provider, is the first digital mobility startup incubated under the aegis of the USD 19 billion Mahindra Group. It specializes in providing small commercial vehicles for intra-city first and last-mile requirements. With its intuitive reverse auctioning technology platform and real-time ability to track vehicles, SmartShift aims to make daily logistics requirements of SMEs at least 30% more efficient. For the transporter partners, the best-in-class mobile based platform, efficient pricing through return trips and focus on community building helps it in disrupting the highly inefficient incumbent ecosystem. Driven by the ambitious goal of owning cargo transportation in the country, SmartShift currently services more than 1600 pin codes in 10 cities.

About Porter

Founded in 2014 by IIT alumni Pranav Goel, Uttam Digga and Vikas Chaudhary, Porter aims to provide economical, efficient and reliable logistics solutions to its customers, while empowering partnered drivers, by utilising technology. Porter currently has 10000+ vehicles on its platform and has done 15,00,000 deliveries in the last 3 years. The company is backed by Sequoia and Kae capital. The company currently operates in Delhi, Mumbai, Bangalore, Chennai & Hyderabad and plans to expand to 15 other cities including Pune, Kolkata, Ahmedabad, Chandigarh, Jaipur, Lucknow and Coimbatore.

About Mahindra

The Mahindra Group is a USD 19 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, aerospace, commercial vehicles, components, defence, logistics, real estate, renewable energy, speedboats and steel, amongst other businesses. Headquartered in India, Mahindra employs over 2,40,000 people across 100 countries.

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Groupe PSA: The car manufacturer that contributed most to France’s trade balance in 2017

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•    Nearly €6 billion automobile trade surplus, up 15%
•    Surplus of 397,000 vehicles exported, up 21%
•    15 Peugeot, Citroën and DS vehicles earn “Guaranteed French Origin” label

Groupe PSA is the car manufacturer that made the largest contribution to France’s trade balance in 2017, with a surplus of €5.54 billion , of which €200 million generated by the Opel vehicles manufactured at the Sochaux plant.

The five vehicle assembly plants produced 1.1 million vehicles, an increase of 12.9% on 2016, representing one-third of the Group’s worldwide vehicle production. The level of domestic output exceeds the commitments made under the New Momentum for Growth agreement, signed in July 2016 by five out of six French trade unions, representing 80% of employees.

In addition, the 12 components plants manufactured five million Groupe PSA engines and gearboxes in France. Due to the Group’s strong manufacturing presence in France, 15 Peugeot, Citroën and DS vehicles  were awarded the “Guaranteed French Origin” label by the not-for-profit organization Pro France.

Carlos Tavares, Chairman of the Managing Board of Groupe PSA, stated: “Directly contributing to France’s economic activity is a source of great pride for our Group and for the 58,000 employees based in the country. It is important to create the right economic conditions to enable us to enhance, through our Push to Pass strategic plan, the performance of our manufacturing base in France in order to meet the challenges of the energy transition.”

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peugeot-logo-2010-1920x1080Peugeot to re-enter India through a joint venture with CK Birla Group

PSA Group, the France-based carmaker and owner of automotive brands like Peugeot and Citroen, will soon re-enter the Indian market. The company is reportedly in talks with the New Delhi-based CK Birla Group for a probable manufacturing venture. An official announcement about the same is expected to be made by the end of this week. Though detailed information hasn’t…read more

DENSO Leads Dellfer’s Initial Funding Round, Supporting Cybersecurity for Connected Vehicles

Seed investment will help Dellfer develop cybersecurity safeguards for connected and autonomous vehicles

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KARIYA (Japan) ―DENSO, one of the world’s largest automotive suppliers, has announced a significant investment in Dellfer, an IoT and automotive cybersecurity startup company based in San Francisco, California.  Dellfer is a young startup focusing on cybersecurity solutions against “zero day” attacks within connected networks such as deployed IoT devices, and in the future, connected vehicles.  Dellfer will use the proceeds from this funding to build out its development team and begin discussions with early adopter customers, including DENSO.

“As cars become smarter, more connected, and autonomous, advanced safeguards to secure and protect the technology within those vehicles will be a key area of focus for DENSO, and the auto industry as a whole,” said Tony Cannestra, Director of Corporate Ventures at DENSO. “DENSO will continue to strongly support technologies like Dellfer’s to ensure that a safe and secure mobility future is delivered to our customers.”

“This investment accelerates our mission for IoT device cyberspace protection against zero day attacks,” said Dellfer CEO James Blaisdell. “We look forward to a deep and fruitful partnership with DENSO to deliver advance safeguards for protecting vehicles.”

DENSO continues to evaluate technology investment opportunities for automotive solutions and innovative technologies with potentially significant implications for the future of transportation. The company focuses on advancing four core areas: connectivity, autonomous driving, shared mobility and electrification (CASE) technologies. DENSO opened a Silicon Valley office in 2011, and in 2014 created a dedicated Corporate Venture Capital (CVC) group to pursue early stage investment opportunities around the world with entrepreneurs and startup companies. The company also lends expertise and monetary support to two technology incubators – Prospect Silicon Valley and NextEnergy.

About DENSO Corporation

DENSO Corp., headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world’s major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions (including Japan) and employs more than 150,000 people. Consolidated global sales for the fiscal year ending March 31, 2017, totaled US$40.4 billion. Last fiscal year, DENSO spent 9.0 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges.

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