Pooja Logistics Private Limited Says Truckit India May Compete

Pooja Logistics says its subsidiary, Truckit India Private Limited, is authorised to undertake similar logistics activities and may compete with Pooja Logistics. The disclosure matters because Truckit India reported Rs 57.73 crore in total revenue, including other income, for the year ended March 31, 2025, while Pooja Logistics held 99.996% of its equity.

Can Truckit India compete with Pooja Logistics?

Yes. Pooja Logistics states that Truckit India has common pursuits with the company and is authorised to engage in a business similar to that of Pooja Logistics. The draft red herring prospectus says there is no assurance that group companies will not compete with the existing business or any future business of Pooja Logistics, or that their interests will not conflict with those of the company.

Truckit India’s stated objects cover logistics, public carriage, transport of goods and passengers, primary and secondary distribution, and warehouse management in India and elsewhere. Its authorisation extends to land, water and air transport. That breadth creates potential overlap wherever Pooja Logistics provides transport, distribution or warehousing services, although the supplied disclosure does not identify specific customers, routes, contracts or business lines that overlap.

Pooja Logistics says any present or future conflict could materially adversely affect its reputation, business, results of operations and financial condition. This is a disclosed operational-risk statement rather than evidence that competition has already occurred. The risk would persist if Truckit India and Pooja Logistics pursue the same customers, services or expansion opportunities without arrangements that separate commercial interests.

Who controls Truckit India and why does that matter?

Pooja Logistics controls Truckit India, which the prospectus describes as its one wholly owned subsidiary, but the disclosed share register shows a 99.996% holding by Pooja Logistics. The remaining two shares, or 0.004% combined, are held equally by Deepak Khanna and Vijay Kumar Khanna, with one share each out of Truckit India’s 50,000 equity shares.

Truckit India was incorporated on November 1, 2018, under the Companies Act, 2013, with paid-up equity capital of Rs 5 lakh, comprising 50,000 shares with a face value of Rs 10 each. Deepak Khanna and Vijay Kumar Khanna are listed as its two directors. Deepak Khanna is a promoter of Pooja Logistics, while Vijay Kumar Khanna is listed in its promoter group, linking Truckit India’s board to the disclosed promoter structure.

The prospectus defines promoter-group corporate entities to include a body corporate in which promoters or immediate relatives hold 20% or more of share capital. It lists Truckit India and SupplyId Solutions Private Limited in that category. Pooja Logistics also identifies Truckit India as its only group company under the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018, based on its stated group-company identification policy.

How large is Truckit India’s operating and financial base?

Truckit India grew revenue to Rs 57.73 crore in financial year 2025 from Rs 51.64 crore in financial year 2024 and Rs 37.56 crore in financial year 2023. The financial figures are derived from Truckit India’s audited financial statements and define revenue as total revenue including other income.

The year-on-year increase was Rs 5.64 crore in financial year 2025, following an increase of Rs 14.08 crore in financial year 2024. This comparison shows that Truckit India was an operating business with rising reported revenue across all three disclosed financial years, rather than a newly incorporated entity without a reported revenue base.

Profit after tax rose to Rs 1.41 crore in financial year 2025 from Rs 56.67 lakh in financial year 2024 and Rs 39.96 lakh in financial year 2023. Net worth increased from Rs 1.39 crore in financial year 2023 to Rs 1.96 crore in financial year 2024 and Rs 3.37 crore in financial year 2025. These reported figures show increased financial scale, but do not establish how much of Truckit India’s business, if any, competes with Pooja Logistics.

What disclosures limit or qualify the conflict concern?

Pooja Logistics reports that there are no accumulated profits or losses of Truckit India that have not been accounted for or consolidated by the company as of the draft prospectus date. Consolidation means the subsidiary’s financial results are included in the parent’s group financial reporting, which is relevant because Pooja Logistics holds 99.996% of Truckit India’s equity.

The prospectus also says Truckit India has no business or other interest in Pooja Logistics other than interests disclosed under the business section and related-party disclosures. It further states that there is no conflict of interest between subsidiaries, their directors and third-party service providers considered crucial to Pooja Logistics’ operations. That confirmation addresses a defined relationship with service providers, not the wider possibility of competition between the two logistics businesses.

Pooja Logistics says there were no payments or benefits to its group company in the financial years ended March 31, 2025, 2024 and 2023, except those disclosed in the related-party transaction note. It also says there are no related business transactions with the group company except those disclosed in that note. The supplied pages do not provide the related-party transaction amounts, so the scale of any disclosed dealings cannot be quantified from this extract.

Does the prospectus contain inconsistent wording on common pursuits?

Yes, the group-company section contains both a competition warning and a statement that needs to be read with its exception. It repeats that Truckit India has common pursuits with Pooja Logistics and is authorised to undertake similar business, then says that, except as disclosed in the business and related-party transaction sections, the group company is in the same line of business but there are no common pursuits.

The more specific and repeated disclosure is that Truckit India is authorised for similar logistics activities and that competition or conflicts cannot be ruled out. The later statement is qualified by exceptions referring to pages 128 and 208 of the prospectus, neither of which is included in the supplied material. As a result, the available disclosure does not resolve whether any present operational separation, customer allocation or contractual safeguard exists.

Truckit India’s securities are not listed on any stock exchange, and Pooja Logistics says no group company has made a public or rights issue in the preceding three years. The prospectus also says the group company is not in default on statutory, bank or institutional dues and is not under winding-up or insolvency proceedings. Those confirmations concern compliance and financial status, not the commercial boundaries needed to remove the disclosed overlap risk.

Conclusion

Pooja Logistics has disclosed a potential conflict because Truckit India is both a controlled subsidiary and an authorised logistics operator in a similar line of business. Truckit India’s financial year 2025 revenue of Rs 57.73 crore and profit after tax of Rs 1.41 crore demonstrate a reported operating base, while Pooja Logistics’ 99.996% equity holding means its results are substantially within the parent’s ownership structure.

The next issue to watch is whether Pooja Logistics provides the separation arrangements absent from the supplied pages, particularly in the business and related-party transaction disclosures cited on pages 128 and 208. The prospectus gives no assurance against future competition, and it says any resulting conflict could affect Pooja Logistics’ business, financial condition, operating results and reputation.