In order to upgrade its mobility solutions, the board of Goldstone Technologies Limited (GTL) has declared the acquisition of Equitas Technologies Private Limited (ETPL), popularly known as Wowtrucks by acquiring 100 % of the existing equity capital of ETPL.
GTL’s acquisition of Wowtrucks consists of 2.5 Crore shares at a valuation of approximately INR 8 Crores from the holding company of ETPL, Equitas Holdings Limited (“EHL”).
Speaking on the acquisition, Pavan Chavali, Managing Director, Goldstone Technologies Limited said, “At Goldstone Technologies, we have a proven track record of being market leaders in Business Intelligence and Cloud products, and with the acquisition of Equitas Technologies Private Ltd., we will find further synergies in the fast-growing Electric Vehicle industry. The Government’s focus on the adoption of EVs’ for a cleaner and greener environment will help us scale up faster in this sector and we shall be soon gearing up for an INR. 100 Crore launch-pad to catapult us into the big league.”
The acquisition of Wowtrucks has been completed as per the terms and conditions of the Share Sale and Purchase Agreement entered on June 17, 2022. By this acquisition, ETPL has now become a wholly owned subsidiary of GTL.
GTL has recently ventured into the Electric Vehicle business, building 360-degree platforms for the EV segment – fleet operators, distributors and OEM manufacturers.
Acquisition of Wowtrucks is a strategic acquisition for GTL as it will not only help GTL in its foray into the e-commerce and fintech space but will also strengthen the growth plan over the next decade, leveraging current strengths of “Wowtrucks” business into the EV segment by introducing a fleet of EV vehicles – both for passenger, cargo and long-distance cargo to revolutionize both public and last-mile transportation.
GTL wants to ensure a seamless relationship building between both the organisations while ensuring “Wowtrucks” receives needed support to meet their quarterly targets and increasing customer base.
The acquisition of Wowtrucks comes even as the government boosts spending on e- Mobility to bring the electric-vehicle revolution in the country. This will contribute to the Indian EV segment to take this revolution forward through the technology and platform collaboration between GTL and “Wowtrucks”.
GTL aims to introduce an EV fleet and related platform solutions into the “Wowtrucks” platform in for the Electric three-wheelers, four-wheelers and truck segments, both on the goods and logistics transportation and also provide finance solutions for the fleet owners through tie-ups with NBFCs/Financing organizations.