Sitics Logistic Solutions to digitise its integrated supply chain operations
The company has invested close to Rs 20 crores in less than six months during the ongoing fiscal for making three major acquisitions and a strategic investment.
Sitics Logistic Solutions, a Palakkad headquartered tech-enabled integrated supply chain company, is all set to digitize its entire operations and also expand its presence to Europe, the US, Canada, Indonesia, and Vietnam.
The company, which had posted an impressive revenue of Rs 140 crore last year in the middle of the pandemic, has invested close to Rs 20 crores in less than six months during the ongoing fiscal for making three major acquisitions and a strategic investment.
"The acquisition includes Mumbai-based Quifers, a logistics tech startup, a Delhi-based cold chain company Udgam Logistics, and a Bengaluru-based specialised transportation company. In addition, we have invested in drone delivery company TechEagle," the company said in a release.
A M Sikander, CEO and Founder of Sitics, said the company was planning to acquire another couple of companies, one each in e-commerce and the critical logistics vertical.
"We are perhaps one of the few companies in India to do this during these pandemic times. These acquisitions are in keeping with our goal of transitioning from a solution-based company to a technology-based company. We aspire to be a tech-enabled supply chain company," Sikander said.
The company has now set an ambitious target of growing into a Rs 1,500 crore entity by 2026 and breaking into the top 10 companies in the country offering third party logistics services.
"In keeping with that target, Sitics plans to digitize its entire operations and also expand its presence to Europe, the US, Canada, Indonesia, and Vietnam. The idea is to enhance the share of international revenue to 20 per cent of the company's total revenue from the current 5 per cent by 2026," Sikander said.
During the height of the pandemic, the company expanded to the north, west and east of the country and transitioned itself from a south India-based player to pan-India player, expanding its presence from five states to more than 20 States.
"We also hired the head of APAC to drive the business and expand in Singapore, Thailand, and Australia," he said.
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The company also established a cross border e-commerce solution in India and Malaysia and a global freight forwarding division.
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