Friday, December 22, 2023

Zomato is in talks to purchase Shiprocket, a unicorn: Report

 


BENGALURU: Food conveyance stage Zomato has made a proposal to obtain internet business transporting stage Shiprocket for $2 billion, Bloomberg provided details regarding Thursday. However the shapes of the arrangement are not satisfactory, it would be one the greatest acquisitions in the Indian startup space this year assuming that the arrangement goes through. There have been fewer tuck-in acquisitions and a prolonged funding freeze for Indian startups.

Zomato's spokesperson stated, "We don't comment on market speculation," when TOI contacted the company. Shiprocket said they don't bring a remark to the table in light of TOI's email.

The e-commerce platform Shiprocket, which has Temasek and Lightrock as investors, raised $33.5 million last year, valuing it at $1.2 billion. Zomato possesses 8% in Shiprocket.

It offers a technology stack that enables retailers to manage orders, prints, and shipping labels by integrating their shopping websites on Shopify, Magento, WooCommerce, Zoho, and other platforms with the platform's multi-carrier API (application programming interface).

Established in 2017 by Saahil Goel, it gives following data from different suppliers including overseeing money down requests and installment compromise. Shiprocket has north of 45 distribution centers situated across India. Its transportation arrangements are accessible across 24,000 pincodes inside India and 220 nations and domains.

Last year, Shiprocket purchased Arvind Web's innovation business - Omuni - for about $24 million in a stock and money bargain, denoting its fifth obtaining. Before that, it procured online business SaaS firm Pickrr for $200 million.

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