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Mahindra Logistics surges after partnering with Flipkart

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Mahindra Logistics jumped 3% to Rs 563 after the company announced that it has partnered with Flipkart as one of its key logistics partners to help fast track deployment of electric vehicles across its logistics fleet in the country.

Flipkart committed to 100% electric mobility in its logistics fleet and will deploy more than 25,000 electric vehicles (EVs) by 2030. Mahindra Logistics will play a significant role in working with various OEMs and help Flipkart's sustainable transition to EVs.

Mahindra Logistics has already launched EDEL, its own electric delivery brand in late 2020. EDEL has partnered with companies in consumer & e-commerce to provide sustainable last-mile delivery across six cities in India. MLL through EDEL will enable Flipkart in its journey towards building a green supply chain by not only deploying a large fleet of EVs but also creating a conducive environment for EV deployment and operations across the country. Mahindra Logistics will play a significant role in working with various OEMs and help Flipkart's sustainable transition to EVs.

EDEL by Mahindra Logistics is a last-mile delivery cargo service on Electric Vehicles. EDEL provides multiple offerings, including package & trip-based services.

Commenting on the development, Rampraveen Swaminathan, CEO & MD of Mahindra Logistics said, "Mahindra Logistics is deeply committed to sustainability, in line with our RISE philosophy. The EV-based last-mile delivery service EDEL is aligned to this and provides customers with a sustainable, cost-competitive and technology enabled last-mile delivery solution. Our focus is on expanding our network based on our deep partnership with large enterprise customers. We are pleased about this engagement with Flipkart and look forward to partnering with them."

Mahindra Logistics is an integrated third-party logistics (3PL) service provider, specializing in supply chain management and enterprise mobility (people transport solutions). The company's consolidated net profit rose 17.36% to Rs 18.25 on a 15.29% increase in net sales to Rs 1046.75 crore in Q3 FY21 over Q3 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 06 2021. 10:23 IST
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