India's Tata Motors to buy 27% stake in Freight Tiger for $18 mln

BENGALURU, Oct 19 (Reuters) - Indian automaker Tata Motors (TAMO.NS)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 Indias 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)