Online food platform Zomato is reportedly considering an acquisition of Shiprocket, a homegrown logistics solution provider, for an estimated $2 billion (more than Rs 16,600 crore), as per sources familiar with the matter cited by Bloomberg. While Zomato has made an offer, no definitive decision on the deal has been reached yet.
Shiprocket, backed by Zomato along with Info Edge, Temasek, and Lightrock, previously secured $33.5 million in August last year, elevating its valuation to approximately $1.2 billion.
In a parallel move last year, Zomato concluded the acquisition of Blinkit (formerly Grofers) and its related warehousing and ancillary services business for a transaction valued at Rs 4,447 crore, while the ancillary segment alone was acquired for Rs 61 crore.
Currently, Shiprocket is reportedly engaged in discussions with leading VC firms for a potential funding round ranging from $75-100 million, with US-based investment firm Tribe Capital being a significant participant. However, both Tribe Capital and Shiprocket declined to comment on these developments.
Shiprocket, headquartered in Bengaluru, has set its sights on preparing for an IPO within the next 12 to 18 months, aiming to allocate approximately Rs 100 crore to Small and Medium-sized Businesses (SMBs) within the coming year.
Established in 2017, Shiprocket offers a technology suite that aids retailers in integrating their online shopping platforms across various platforms like Shopify, Magento, WooCommerce, Zoho, and more. Additionally, it provides sophisticated fulfillment solutions, leveraging over 45 warehouses scattered across the country.
Conversely, Zomato has witnessed substantial share offloading, primarily orchestrated by prominent investors such as SoftBank and Tiger Global Management. Tiger Global, in August, divested its entire 1.44% stake in Zomato, raking in a total of Rs 1,123.85 crore through the transaction.
