Tiger Logistics (India) announced that its board members have given an in-principle approval of fundraising aggregating amounts of up to ₹400 crores by issuance of equity shares, convertible instruments, or other permissible securities to finance the business growth plan.
To facilitate the final decision, the list of proposed allottees and other documents will be placed in the next board meeting, the company informed in a BSE filing on Monday (December 9, 2024).
Tiger is planning to get into electric vehicle (EV) logistics and Non-Vessel Operating Common Carrier (NVOCC) business as well as expand to new geographies including the Middle East, East Asia and South America an official familiar with the matter informed.
“While the company is focusing on the Indian domestic market for EV movements, it is considering acquiring companies to expand its business in the NVOCC segment. The ongoing geopolitical tensions, supply chain disruptions and freight rate volatility influenced the new plans,” he said.
The company also informed in the filing that the ‘Business Blueprint’ outlines the company’s comprehensive growth plan for the coming years.
It reads, “It encompasses a detailed roadmap of accelerated growth strategies, an in-depth evaluation of market opportunities to capitalise on emerging trends, and a robust analysis of our competitive positioning. This plan ensures strategic alignment with the industry landscape, leveraging data-driven insights to identify untapped potential, optimise resource allocation, and maintain a resilient competitive edge in a rapidly evolving marketplace.”