Goldstone Tech Acquires App-Based Logistics Aggregator Wow Trucks
The Board of Goldstone Technologies (GTL) has announced that it has completed the acquisition of Equitas Technologies (ETPL) (popularly known as Wow trucks) by acquiring 100 per cent of the existing equity capital of ETPL. This consists of 2.5 crore shares at a valuation of approximately Rs. 8 crore from the holding company of ETPL, Equitas Holdings (EHL). The acquisition 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.
Goldstone Technologies (GTL) is a full-stack application and solutions development organisation and a market leader in end-to-end sales and services of Business Intelligence and cloud products and solutions such as Tableau, Alteryx, Snowflake, AWS, Fivetran etc., among others. The current revenue of GTL is in the range of Rs. 60.90 cr and with this acquisition, the size of the business would be approximately Rs. 86 cr as on June 2022, propelling further growth to move into the Rs. 100 crore revenue in the coming months.
GTL has recently ventured into the Electric Vehicle business, building 360-degree platforms for the EV segment – fleet operators, distributors and OEM manufacturers. Wow trucks 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 Wow trucks business into the EV segment by introducing a fleet of EV vehicles – both for passenger, cargo and long-distance cargo to revolutionise 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
Speaking on the acquisition, Pavan Chavali, Managing Director, Goldstone Technologies said, “we have a proven track record of being market leaders in Business Intelligence and Cloud products, and with the acquisition of Equitas Technologies., we will find further synergies in the fast growing Electric Vehicle industry. The Government’s focus towards 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 Rs. 100 crore launch-pad to catapult us into the big league.”
The acquisition 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 Wow trucks 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. GTL will emerge a leader in passenger, cargo and long-distance cargo in both public and last-mile transportation by integrating the 3 powerhouses – technology and data (GTL), EV vehicles and Wow trucks.
