Logistics Sector

Smartr Logistics looking to raise $30 mn in Series A funding by August

Smartr Logistics is expecting to raise USD 30 million in Series A funding round by August this year to drive its aggressive expansion plans which include adding pin codes and services offering among others, a top company executive has said. The city-based company is also eying a more-than-two-fold growth in its topline at Rs 200-250 crore this fiscal from an estimated Rs 90 crore in the just concluded financial year, according to Yogesh Dhingra, Founder, Managing Director and Chief Executive Officer of Smartr Logistics. The logistics platform commenced operations in October 2021 with a seed funding of around Rs 100 crore led by IIFL India Pvt Equity Fund and Smiti Holding & Trading Company (Jalaj Dani Family Office). It currently offers services in both air express and ground logistics space.The company had raised close to Rs 100 crore for seed capital, which was a good amount to run the business (in its initial phase). I think investors are quite comfortable to see this. We are .

Express delivery should have level playing field with general cargo: ICRIER

Economic think tank ICRIER on Tuesday suggested that the government should fast-track trade facilitation-related reforms, in a bid to give express delivery a level-playing field with general cargo. ICRIER in a report titled 'Express Delivery Services Supporting the Journey towards India@2047' said the government should remove all value limits on exports through express delivery services (EDS) to help small and medium enterprises (SMEs) in global value chains. The EDS industry provides integrated door-to-door transport of documents and products and plays an important role in connecting enterprises, especially SMEs, to the global value chains. EDS is a key sector in trade negotiations and cross border investment flow. The report also emphasised that the government data sharing should be smooth across government agencies. The report noted that there is need for more consultation with the industry about their specific needs and there is a need to make e-commerce a driver of future ...

SpiceJet hives off cargo and logistics biz into separate entity from Apr 1

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business SpiceXpress into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo an

DPIIT asks states to hold industry interactions for addressing bottlenecks

The commerce and industry ministry has requested the states to interact with business associations on a regular basis to identify issues related to reducing logistics cost, an official statement said on Saturday. Special Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sumita Dawra said the states have been advised that an inter-departmental services improvement group may be formed to address logistics-related issues and action plans may be formulated for bringing down logistics cost duly identifying priority areas for taking up multimodal infrastructure related interventions. She was speaking at a workshop in Kochi. A series of regional workshops are being organized to facilitate the wider adoption of the PM GatiShakti National Master Plan (NMP) platform across all the states/UTs to sensitise the state officials about it. The special secretary also talked about mapping freight flows in order to have a demand-driven approach to logistics efficiency f

Logistics firm UPS inks pact to train 500 women entrepreneurs in India

US-based logistics major UPS has inked a partnership with India SME Forum to train 500 women entrepreneurs in India in export and related business areas, according to a company official. The training will be provided through experts via online and offline modes, said Laura Lane, Executive Vice President and Chief Corporate Affairs and Sustainability Officer, UPS. The official was in the national capital to sign the pact with India SME Forum. "The experts will educate the women entrepreneurs of the SME segment on rules related to export, help them identity markets for their products, packaging etc.," Lane said. The company will initially train 500 women and later plans to expand the programme later, she said. Post-pandemic, women-owned businesses have increased in India, Laura said, adding that taking them to export markets will help in their economic empowerment. "Many women have started their businesses in India, but due to various reasons, they may not find the right market for

Allcargo buys partner's 39% stake in contract logistics arm for Rs 145 cr

Allcargo Logistics on Monday acquired the remaining 38.87 per cent stake of its partner ACCI in the contract logistics arm for Rs 145 crore, valuing the company at Rs 373 crore at an enterprise level. Allcargo has also decided to sell its non-core customs clearance business by divesting its 61.13 per cent stake for an enterprise value of Rs 42 crore. With the acquisition, Allcargo will take its stake to 100 per cent in the contract logistics business and create an effective synergy between contract logistics and express distribution. The acquisition price is based on the agreement that was signed with ACCI in 2016 and with growth in this business over the years, the company said in a statement. The acquisition offers management control and facilitates strategic decision-making for the business. This will also help us enhance service delivery capabilities to drive growth. The business has witnessed robust growth over the years diversifying into several new industry segments. With f

Delhivery slips over 1% as 28 million shares exchange hands via block deal

At 09:15 am; around 28 million equity shares, which represented 3.8 per cent of total equity shares of Delhivery changed hands on the BSE, shows data

Industrial & Logistics sector leasing grew 8% YoY: CBRE South Asia Report

Industrial and Logistics (I&L) sector leasing grew by 8 per cent YoY to touch 31.6 million sq. ft. in 2022 despite global headwinds, and a slowdown in e-commerce demand and dissipation of the post-pandemic need to hold additional inventories, a report said on Monday.

I&L sector takes 31.6 mn sq ft on lease in 2022, highest since 2019

Delhi-NCR led the absorption with 7.3 million sq ft, followed by Mumbai and Bengaluro with 6.1 million sq ft and 5.2 million sq ft, respectively

S Korea's Mirae Asset Global Investments buys logistics centre near Mumbai

Bhiwandi has emerged as a key logistics hub for global companies, such as Samsung, Amazon, BMW and Maersk

Delhivery to acquire supply chain solutions firm Algorhythm Tech

Algorhythm offers end-to-end supply chain planning and execution products to clients

ADB approves $250 mn policy-based loan to strengthen logistics sector

The ADB on Friday said it has approved a USD 250 million policy-based loan to support India's wide-ranging reforms that aim to strengthen and modernise the country's logistics infrastructure, improve efficiency, and lower costs. The loan will finance the first sub-program of the strengthening multimodal and integrated logistics ecosystem program, which supports the government's efforts to create a comprehensive policy, planning, and institutional framework at the federal, state, and city level, it said in a release. "This will rationalise India's high cost of logistics and reduce greenhouse gas emission," the Asian Development Bank (ADB) said. It further said the program will help to strengthen supply chains by simplifying external trade logistics and domestic cargo movements, modernising warehouses, improving business processes with integrated digital platforms, and stimulating private investments in the sector. The recently approved National Logistics Policy and the Prime Ministe

78% of frontline workers in Delhi NCR employed in e-commerce sector: Survey

During pandemic, consumer sentiment improved for SMEs that went online, leading to a spike in frontline jobs, revealed study by BetterPlace, a tech platform for blue-collar workforce management

Welspun One Logistics Parks Fund 1 commits Rs 500 crore warehousing AIF

Creates a portfolio of Rs 2,300 crore across five cities, aggregating to about 6.6 million square feet of gross leasable area

Festival season propels demand for third-party logistics players

Further penetration into smaller cities will only add to this dependence on third-party delivery partners

Best of BS Opinion: Enhancing yields, a leg-up for logistics, and more

Here is the best of Business Standard's opinion pieces for today

A leg-up for logistics

The multi-pronged National Logistics Policy is a well-timed initiative

Shiprocket becomes first inter-city logistics provider to join ONDC network

Company will enable sellers to select delivery partners to ship products across India

Global financial crisis not to hit India's logistics sector: TVS SCS

Firm's CEO K Sukumar indicates that the rise in domestic consumption and growth in end-user industries has insulated the sector from the meltdown

15 states among achievers in logistics performance index 2022: DPIIT report

Andhra Pradesh, Assam and Gujarat are among the 15 states and UTs categorised as achievers in the logistics index chart 2022, according to a report released by the commerce and Industry Ministry on Thursday. The index is an indicator of the efficiency of logistical services necessary for promoting exports and economic growth. Kerala, Madhya Pradesh, Rajasthan, Puducherry, Sikkim and Tripura are the other states categorised as fast movers in the ranking. The 15 states and UTs ranked in the aspirers category include Bihar, Chhattisgarh, Goa and Mizoram. The report ranks the states on the basis of their logistics ecosystem, highlights the key logistics-related challenges faced by the stakeholders and includes suggestive recommendations, according to the fourth LEADS (Logistics Ease Across Different States) 2022 report unveiled by the Commerce and Industry Minister Piyush Goyal. The index aims at enhancing the focus on improving logistics performance across states which is essential f