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Zomato denies acquisition rumours of Shiprocket

Livemint

Livemint · 1y ago

Zomato denies acquisition rumours of Shiprocket

Food delivery platform Zomato has denied reports claiming that it will acquire e-commerce shipping startup Shiprocket for $2 billion. Zomato issued a statement clarifying that it has no plans for any acquisition at the moment and cautioning investors against incorrect news. The reports originated from Bloomberg, suggesting that Zomato made an offer to acquire Shiprocket. Zomato's stock has performed well this year, with a 108% return in 2023 and a net profit of ₹36 crore in the September quarter.

Related News

Zomato bids to acquire Shiprocket at Rs. 16000 Crores

Medial

Medial · 1y ago

Zomato bids to acquire Shiprocket at Rs. 16000 Crores

Zomato, the publicly traded food delivery company, has proposed to acquire Indian e-commerce shipping startup Shiprocket. The offer values Shiprocket at around $2 billion, according to sources. Shiprocket, last valued at approximately $1.2 billion, raised funds in August 2022. No final decision has been reached, and both companies declined to comment on the matter.

Shiprocket has big plans for offline ecommerce space

Economic Times

Economic Times · 1y ago

Shiprocket has big plans for offline ecommerce space

Zomato-backed ecommerce platform Shiprocket is expanding its services to enable ecommerce transactions for offline general trade. The company has launched a WhatsApp storefront bot and introduced a quick shipping service called Shiprocket Quick. Shiprocket has partnered with hyperlocal logistics platforms, including Ola and Porter, to offer their delivery fleets to customers. The new services aim to cater to the growing demand for quick deliveries and help offline merchants stay competitive in the digital age. Shiprocket is also targeting revenue from additional services such as marketing, sourcing, payments, and lending for online sellers.

Shiprocket eyes investment from Koch, Tribe amid a larger fundraise

Livemint

Livemint · 1y ago

Shiprocket eyes investment from Koch, Tribe amid a larger fundraise

Koch Investment Group is reportedly looking to acquire a minority stake in Indian logistics startup Shiprocket, in what would be Koch's first investment in the country. The deal, part of a larger funding round of $120 million, could value Shiprocket at $1.1-1.2 billion. Tribe Capital is also expected to participate in the investment. Shiprocket, which is backed by Zomato, has previously raised approximately $350 million and plans to expand through acquisitions in marketing, advertising tools, and customer experience enhancements. The company's losses widened in FY2022-23 despite revenue growth.

Zomato-backed unicorn Shiprocket dives into fintech arena

The Arc Web

The Arc Web · 1y ago

Zomato-backed unicorn Shiprocket dives into fintech arena

Shiprocket, a software platform catering to small online sellers, is expanding its services and discussing a new round of funding. These new services include international shipping and fintech-based solutions like faster checkout, working-capital loans, and insurance. Shiprocket, valued at $1.2 billion, is in talks with new investors, including sovereign funds, who could set the price for the round. Tribe Capital, the company's top backer, recently purchased $70 million worth of shares in a secondary deal, resulting in substantial unrealized returns. Shiprocket closed FY23 with operating revenues of $131 million and is actively backed by strategic investors like Zomato, PayPal, and Razorpay.

Zomato, Temasek-Backed Shiprocket Pre-Files for IPO with Sebi

StartupTalky

StartupTalky · 3m ago

Zomato, Temasek-Backed Shiprocket Pre-Files for IPO with Sebi

Shiprocket, backed by Zomato and Temasek, has confidentially filed for an IPO with Sebi, aiming to raise INR 2,000-2,500 crore. Established in 2012, Shiprocket serves over 100,000 sellers in India and focuses on rapid commerce, cross-border shipping, and digital payments. Despite a net loss of INR 595 crore in FY24 due to acquisitions, it reported INR 1,316 crore in revenue, reflecting a 21% increase. The firm is collaborating with Swiggy Instamart and Zepto for stock management.

Shiprocket’s D2C marketplace Zop in pilot stage: CEO Saahil Goel

Economic Times

Economic Times · 1y ago

Shiprocket’s D2C marketplace Zop in pilot stage: CEO Saahil Goel

Shiprocket, the ecommerce enablement startup backed by Zomato, is piloting a new D2C marketplace called Zop. The platform aims to be a destination for consumers to discover unique Indian D2C brands and explore their stories and products. Shiprocket plans to provide ways for merchants to promote products through ads or sales commissions. The marketplace is set to be officially launched in the next 45 to 60 days. Shiprocket is entering the marketplace segment, competing with major players like Amazon, Flipkart, and Meesho. The company has also introduced other services like a WhatsApp storefront bot and quick shipping for small businesses.

Zomato faces insolvency plea over alleged Rs 1.64 crore unpaid dues

Economic Times

Economic Times · 5m ago

Zomato faces insolvency plea over alleged Rs 1.64 crore unpaid dues

Food delivery service Zomato faces an insolvency plea from Nona Lifestyle over alleged unpaid dues of Rs 1.64 crore for uniforms and merchandise, including ICC World Cup jerseys. Nona claims Zomato delayed payments and used pressure tactics; Zomato denies this, citing missed delivery deadlines by Nona, resulting in penalties. The National Company Law Tribunal has delayed proceedings to April 3 for further clarification. Zomato argues it only paid for delivered items after deductions.

Shiprocket to soon file confidential prospectus for Rs 2,000-2,500 crore IPO

Economic Times

Economic Times · 3m ago

Shiprocket to soon file confidential prospectus for Rs 2,000-2,500 crore IPO

Zomato-backed Shiprocket plans to file a confidential draft prospectus with Sebi for a Rs 2,000-2,500 crore IPO. The ecommerce logistics firm aims to raise Rs 1,000-1,200 crore in fresh capital. Shiprocket has grown 20-25% in FY25 despite a challenging ecommerce landscape, serving mostly tier-II and tier-III cities. It has expanded its focus to payments, cross-border shipping, and quick commerce while acquiring several companies. The IPO is being managed by Axis Capital, Kotak Mahindra, JM Financial, and Bank of America.

Zomato-backed Shiprocket posts 21% increase in FY24 operating revenue

Economic Times

Economic Times · 10m ago

Zomato-backed Shiprocket posts 21% increase in FY24 operating revenue

Shiprocket, an ecommerce enablement firm backed by Zomato, reported a 21% increase in operating revenue for fiscal 2024 at Rs 1,316 crore ($170 million). However, the company also experienced a widened net loss of Rs 595 crore ($76.7 million) for the fiscal year ended March 2024. Shiprocket aims to achieve full profitability by the end of FY25 and is focusing on core business growth, while also expanding into emerging segments such as cross-border shipping and checkout services. The company is currently in discussions to secure a $75 million funding round led by Tribe Capital.

Why Zomato Is Facing Insolvency Plea? Story Behind The Unpaid Dues

OutlookIndia

OutlookIndia · 5m ago

Why Zomato Is Facing Insolvency Plea? Story Behind The Unpaid Dues

Zomato is facing an insolvency plea from Nona Lifestyle, a uniform supplier, over unpaid dues of Rs 1.64 crore. Nona Lifestyle claims Zomato owes them for uniforms and World Cup jerseys. The National Company Law Tribunal (NCLT) has adjourned the case, requesting further clarifications. Zomato denies the allegations, citing delays on Nona Lifestyle's part, which caused reputational harm. The plea was initially dismissed but later revived by Nona Lifestyle for resolution.

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