Zomato has denied reports that it is buying privately held ecommerce shipping startup Shiprocket. Earlier in the day, Bloomberg reported that the listed platform Zomato has made an offer to acquire Shiprocket, citing people in the know. The report claimed that Zomato’s proposal to acquire Shiprocket values it at about $2 billion.
In a post on X, formerly Twitter, Zomato CEO Deepinder Goyal denied the report.”Clarification on news articles related to acquisition of Shiprocket — We have noticed that there are certain news articles circulating in the mainstream media with the subject “Zomato offers to acquire Shiprocket for $2 billion”. We deny this statement and would like to caution investors against such incorrect news floating in the market. We remain focused on our existing businesses with no plans for any acquisition at this moment. Kindly note that the Company does not comment on media speculation but is clarifying this information out of abundant caution, given the large size of the deal mentioned in the news article and the uncertainty that it may create in the market,” posted Goyal from his official X account.
Incidentally, in 2021, Zomato had picked a stake in Shiprocket during its $185-million Series E funding round, which also saw participation from Singapore’s sovereign wealth fund Temasek and Lightrock India. Goyal had also invested in Shiprocket previously in his personal capacity, but he later exited the company.
About Shiprocket
Shiprocket aggregates demand from direct-to-consumer (D2C) brands, micro-entrepreneurs and local brands and sends them to logistics players such as Delhivery, Ecom Express and others. Besides shipping services, Shiprocket also offers its technology stack to retailers to integrate their shopping websites on platforms like Shopify.
For the fiscal year ended March 31, Shiprocket reported a 78% year-on-year increase in its operating revenue to Rs 1,089 crore. The firm’s net loss expanded more than three times to Rs 341 crore on account of absorption of losses from the acquisitions it made during the year.
In a post on X, formerly Twitter, Zomato CEO Deepinder Goyal denied the report.”Clarification on news articles related to acquisition of Shiprocket — We have noticed that there are certain news articles circulating in the mainstream media with the subject “Zomato offers to acquire Shiprocket for $2 billion”. We deny this statement and would like to caution investors against such incorrect news floating in the market. We remain focused on our existing businesses with no plans for any acquisition at this moment. Kindly note that the Company does not comment on media speculation but is clarifying this information out of abundant caution, given the large size of the deal mentioned in the news article and the uncertainty that it may create in the market,” posted Goyal from his official X account.
Incidentally, in 2021, Zomato had picked a stake in Shiprocket during its $185-million Series E funding round, which also saw participation from Singapore’s sovereign wealth fund Temasek and Lightrock India. Goyal had also invested in Shiprocket previously in his personal capacity, but he later exited the company.
About Shiprocket
Shiprocket aggregates demand from direct-to-consumer (D2C) brands, micro-entrepreneurs and local brands and sends them to logistics players such as Delhivery, Ecom Express and others. Besides shipping services, Shiprocket also offers its technology stack to retailers to integrate their shopping websites on platforms like Shopify.
For the fiscal year ended March 31, Shiprocket reported a 78% year-on-year increase in its operating revenue to Rs 1,089 crore. The firm’s net loss expanded more than three times to Rs 341 crore on account of absorption of losses from the acquisitions it made during the year.
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