Earlier this year Mahindra & Mahindra formed a mobility services unit consolidating its shared mobility business, used car segment and the logistics division as well.
The unit is headed by former Mahindra Group CFO VS Parthasarthy. M&M has already outlined shared mobility and First Choice as unlisted gems or growth unicorns for the future and there are at least 10 companies which M&M would like to list in the next 2 to 5 years.
Mahindra through its shared mobility business is focused on enterprise mobility and serving corporate clients, believes that due to COVID-19 there would be a shift from mass transit systems to private cabs. This is why Mahindra subsidiary Meru Cabs recently launched Meru Reserve feature.
Sale of used cars from Mahindra First Choice increased 10 percent year-on-year in October and the company will be investing in making its used car segment more technologically driven platform.
Mahindra has recently opened 50 new First Choice outlets, taking the total number to more than 1,000.
Mahindra Logistics, a listed entity, which serves over 400 corporates in automobile, engineering, consumer goods and e-commerce saw 31 percent jump in net profits in Q2.
To discuss about the new mobility services unit and Mahindra's expansion plans for shared mobility, used car sales and logistics, Parikshit Luthra spoke to VS Parthasarthy, President of Mobility Services Sector at Mahindra Group.Watch video for more.