Shiprocket, which is one of the leading logistics companies in the country which is backed by food delivery app, Zomato has just pen to paper to make their acquisition of start-up company Pickrr finally official after a long back and forth.
This deal has been said to set Shiprocket back by $ 200 million USD as it will include shares, money and even a pay-out.
Pickrr is one of the countries leading business 2 consumer and business 2 consumer logistics firms. The company also has a platform that allows business that use their services to track all of their deliveries across many carriers in a single consolidated space, making organising, supervising, and tracking a much easier process. The company ships products to all the corners of the country and to over 200 countries. The start-up company was founded 7 years ago back in 2015 and its head office is situated in Gurugram, Haryana.
Just over a year ago, Shiprocket was able to successfully receive a funding amounting to $ 185 million USD in round that was primarily led by Zomato and Temasek Holdings which is a fund management company with its head office based in Singapore.
Both companies enable their customers to have a full stack logistics, same day deliveries, a quick and easy check out platform, returns and refunds that are efficient and easy, international deliveries and so much more which put them at the top of the field in the country and are even gaining traction across the world.
The chief executive officer of Shiprocket said in a public statement that the company is very close in objectively understanding how retailers communicate and interact with logistics companies and their customers to increase their satisfaction and improve their retention in a highly competitive space. Both companies that are involved in the deal are poised to take over this industry with all the knowledge and data they have and this acquisition could not have come at a better time.
This deal is also set to create a platform that will have a client base with a strength of at least 75,000.
Shiprocket is also a logistics company but is younger than their acquisition by 2 years as they were established 5 years ago back in 2017 and have been focusing on smaller companies and sole proprietorships while Pickkr has been going for the larger companies and brands from the get go meaning that this deal will not encapsulate the entire consumer base.
