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Third-party logistics firm Sitics Logistic Solutions has acquired Delhi-based cold chain and distribution start-up Udgam Logistics.
The company paving its entry into the USD 25-billion cold chain space besides tapping into new markets without disclosing the acquisition amount.
This is the second buyout for the Palakkad (Kerala)-based technology-enabled supply chain company in four months. In early-May this year, it acquired Quifers, an innovative logistics tech start-up.
"In continuing with our vision of building capabilities across the logistics value chain, this acquisition will help Sitics target a new segment and provide tremendous value to our clients. Sectors like pharma, QSR, HORECA (hotel/ restaurant/catering), agriculture, dairy, and marine are rapidly growing. The sectors are in need of a world-class temperature-controlled supply chain, which Sitics will be able to provide through Udgam''s expertise, experience, and processes," said Sitics Logistic Solutions founder CEO Sikander A M.
"Udgam’s merger with Sitics would enable it to emerge as an integrated player with wide reach, offering unique and innovative solutions in the logistics domain, especially with respect to temperature-controlled supply chains," said Rahul Mathur, Founder and Director of Udgam Logistics.
Sitics' presence and expertise in logistics tech, e-commerce, warehousing, clearing and forwarding (C&F) operations spanning across Southeast Asia, Europe, Australia and the US, unfold many opportunities to develop this vertical with cutting-edge and tech-driven solutions, he said.
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