Sitics inks its second acquisition deal with Udgam Logistics
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.
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.