Sitics inks its second acquisition deal with Udgam Logistics
This is the second acquisition by Palakkad-based Sitics, only three months after it acquired a majority stake in tech-enabled logistics startup Quifers.
Third-party logistics company Sitics Logistic on Tuesday announced the acquisition of Udgam Logistics, a Delhi-based cold chain and distribution startup.
The company did not disclose the deal amount. However, it claims that the deal gives Sitics an entry into the $25-billion cold-chain market.
It is the Palakkad-based company’s second acquisition inked only three months after acquiring a majority stake in tech-enabled logistics startup Quifers in May 2021.
While Quifer acquisition boosts its goal of digital transformation from a solution-based service provider to a technology-based service provide, Sikander AM, Founder and CEO of Sitics Logistic said the current deal will help Sitics target a new segment and add value to its clients.
“Sectors like Pharma, QSR, HORECA, Agriculture, Dairy, and Marine are rapidly growing and in need of a world-class temperature-controlled supply chain, which we will be able to provide through Udgam’s expertise, experience, and processes,” he added.
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Founded in 2016 by Shailendra Singh and Rahul Mathur, who have a combined experience of over four decades in temperature-controlled supply chains, Udgam offers primary and last-mile solutions and plans to launch more offerings soon.
Rahul said, "Sitic's presence and expertise in logistics tech, ecommerce, warehousing, C&F operations spanning across Southeast Asia, Europe, Australia, and the US unfold many opportunities to develop this vertical with tech-driven solutions to offer superior service and quality to the customers, both nationally and at a global level."
During its acquisition of Quifers, Sitics had shared its plans to take the platform to Singapore, Malaysia, UAE, Thailand, Australia, and the EU with its global presence.
Edited by Saheli Sen Gupta