India’s Tata Motors to buy 27% stake in Freight Tiger for $18 million

BENGALURU (Reuters) – 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.

($1 = 83.1176 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)