Sitics buys majority stake in logistics startup Quifers

Mumbai Third-party logistics (3PL) company Sitics Logistic on Monday said it has acquired a majority stake in tech-enabled logistics startup Quifers to tap opportunities amid the supply chain boom and enhance combined revenue by up to 20 per cent.

The company, however, did not disclose the sum involved in the deal. Sitics said it is also planning to take the Quifers platform to Singapore, Malaysia, UAE, Thailand, Australia, and the EU with its global presence. This acquisition would put Sitics up the value chain in the global 3PL market. It will transit from a "solution-based service provider" to a "technology-based service provider", the company said.

Besides, Sitics's operational excellence with Quifers technology stack would provide tremendous value addition to the customers of both the companies by bringing in greater transparency, control, and cost-efficiency, it added. "Sitics goal to digital transformation will get a boost with this acquisition. We see tremendous advantages for our clients by increasing efficiency and reducing costs by using the Quifers platform. Our fulfilment capabilities and Quifers's tech capability would act as a force multiplier for the customers," Sitics founder and CEO Sikander AM said.