Deepinder Goyal-led Zomato has made an offer to e-commerce shipping company Shiprocket for its acquisition, reported Bloomberg. Zomato has reportedly offered to acquire Shiprocket for $2 billion ( ₹16,600 crore approximately).
While no final decision has been made in the acquisition deal, Zomato is expected to push for the deal to be a success, said Bloomberg citing sources. However, the spokespeople from Zomato refrained from commenting on the development.
Currently, Zomato is an investor in shipping startup Shiprocket. The food delivery company co-led a funding round for Shiprocket in December 2021, where the shipping company ended up raising $185 million. The funding was also led by Singapore’s sovereign wealth fund Temasek and Lightrock India.
Zomato founder Deepinder Goyal was also one of the initial investors in Shiprocket, but ended up exiting the company in his personal capacity. It is not yet revealed if and when the deal will be finalised as both firms refrained from commenting on the acquisition.
Shiprocket is a startup company with the core purpose of acting as a delivery agent between merchants and consumers, similar to Delhivery and Ecom Express. The company was founded by Saahil Goel, Gautam Kapoor, Akshay Ghulati, and Vishesh Khurana.
Zomato currently owns around 8 percent stake in Shiprocket, but is planning to acquire the entire company soon, reported Bloomberg. Other investors in the company include Bertelsmann India Investments, Temasek Holdings Pte, PayPal Ventures, and Tribe Capital.
The shipping startup had a valuation of $1.23 billion in December 2022 after a fresh round of funding. Since then, the company has been waiting to raise more funds, slowly expanding its base around tier 1 Indian cities.