Goldstone Technologies Limited, a full-stack application and solutions development company has completed the acquisition of Equitas Technologies Private Ltd, known as Wow Trucks, for about ₹8 crore.
The firm acquired 2.5 crore shares of the target company, making it a wholly-owned subsidiary. The two firms entered into a purchase agreement on June 17.
“Wow Trucks is a strategic acquisition for us as it will not only help our foray into the e-commerce and fintech space but will also strengthen the growth plan over the next decade,” Goldstone Technologies said in a statement on Wednesday.
“With the acquisition of Equitas Technologies, we will find further synergies in the fast growing electric vehicle industry,” Pavan Chavali, Managing Director of Goldstone Technologies Ltd, said.
“We will introduce an EV fleet and related platform solutions into the Wow Trucks platform,” he said.
Wow Trucks, based out of Chennai, has about 100 employees and has over 35,000 vehicles and drivers enrolled on their app-based platform. It caters to companies in the FMCG, pharma, manufacturing and electronics organisations.