Zomato, under the leadership of Deepinder Goyal, has proposed to acquire Shiprocket, a shipping startup, for about $2 billion, as reported by Bloomberg. While the deal is not yet finalized, it’s noteworthy that Zomato, which also owns the quick commerce platform Blinkit, is already an investor in Shiprocket.
What Happened? Shiprocket, backed by Info Edge, Temasek, and Lightrock, reported a 78% increase in operating revenue for the financial year ending March 31, 2023, reaching approximately ₹1,089 crore. This marks a substantial growth from ₹611 crore in the previous fiscal year. However, the startup also saw its net loss widen significantly due to multiple acquisitions, reporting a net loss of ₹341 crore in FY23, a 266% increase from the previous year.
Recently, Shiprocket announced plans to disburse around ₹100 crore to small and medium businesses (SMBs) in India through its financing platform, aiming to democratize access to collateral-free capital. In its pilot phase, the company has already disbursed over ₹35 crore and aims to reach ₹100 crore by December 2024.
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Founded in 2017, Shiprocket is an aggregator of third-party logistics companies, working with 17 courier partners and has raised around $270 million in funding.
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