Food delivery giant Zomato has reportedly made an offer to acquire Shiprocket, a promising Indian e-commerce shipping startup, in a move that could bolster its logistics capabilities and tap into the booming online shopping market.
According to a report by Bloomberg, sources familiar with the matter revealed that Zomato’s offer values Shiprocket at roughly $2 billion. However, they emphasised that no final decision had been made, and Zomato could still walk away from the deal.
As per the report, representatives from both Zomato and Shiprocket declined to comment.
This potential acquisition comes amidst Shiprocket’s strong growth trajectory. The startup, led by CEO Saahil Goel, secured funding in August 2022 at a valuation of $1.23 billion, backed by notable investors like Bertelsmann India Investments, Temasek, PayPal Ventures, and Tribe Capital.
Zomato itself invested in Shiprocket in 2021, hinting at a pre-existing relationship between the two companies.
Zomato’s performance has been impressive since its initial public offering (IPO) in July 2021. Its shares have surged 68%, significantly outperforming the Nifty 50 index’s 34% gain during the same period. This acquisition, if successful, could further propel Zomato’s growth and solidify its position in the Indian e-commerce ecosystem.
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