Zomato wants to buy ShipRocket for $2 billion, which is around Rs 16,600 crore. Last August, Zomato-backed ShipRocket raised $33.5 million, valuing it at $1.2 billion. It is in talks with prominent VC firms to raise funding.
Zomato is preparing for another major purchase after Blinkit. For $2 billion (about Rs 16,600 crore), the company is offering to buy ShipRocket. Media indicated that Zomato proposed to buy the company, but no decision has been made.
Last August, Zomato-backed ShipRocket raised $33.5 million, valuing it at $1.2 billion. Zomato acquired Blinkit (previously Grofers) and its warehousing and support services business the same month. Zomato’s board authorized a Rs 4,447 crore Blinkit acquisition. The subsidiary was bought for Rs 61 crore.
Continued Zomato share gains
Zomato stock remained optimistic this year. Zomato shares rose 117.47 percent to Rs 128 from Rs 46 in January. Even Thursday, the stock surged almost 2%. Market experts expect share prices to rise further. Market experts expect shares to rise further as the company makes money.
Established in 2017, ShipRocket helps businesses link Shopify, Magento, WooCommerce, Zoho, and other shopping platforms. It offers cutting-edge fulfillment with over 45 warehouses nationwide.
ShipRocket is reportedly in talks to secure Rs 75-100 million from major VC firms, lead by US-based Tribe Capital. Last week, insiders told journalists that ‘Talks over money are ongoing and terms may alter.’ ShipRocket and Tribe Capital declined to comment on the report. Shiprocket, based in Bengaluru, plans to go public in 12–18 months. It wants to provide SMBs Rs 100 crore in a year.
Conclusion
Food delivery platform Zomato wants to buy domestic logistics business ShipRocket for $2 billion. Last August, ShipRocket raised $33.5 million, valuing it at $1.2 billion. Zomato acquired Blinkit and its warehousing and support services business in August. The 2017 startup ShipRocket helps businesses link Shopify, Magento, WooCommerce, and Zoho ecommerce websites. Tribe Capital, a US-based investment firm, is leading talks to obtain Rs 75-100 million from top VC firms.
