Shiprocket recently reported that it is well on track to achieve profitability by FY2025.
MUFG Bank from Japan and Koch Group from the US have applied for permission from the Competition Commission of India (CCI) to purchase small shares in Shiprocket, which is supported by Zomato. The ecommerce enablement platform is in the final stages of completing a $75 million funding round with Silicon Valley investor Tribe Capital taking the lead in a combination of primary and secondary transactions.
As per a different notification submitted to the antitrust regulator, Koch Group, via its division KDT Venture Holdings, has also suggested acquiring a minority stake in Shiprocket. KDT Ventures Holdings is a firm that specializes in venture capital and is located in the United States. The company is a subsidiary owned completely by Koch Inc, which is controlled by billionaire siblings Charles and David Koch.
Shiprocket's CEO Saahil Goel stated that the company's operating revenue for fiscal 2024 saw a 21% growth to Rs 1,316 crore, as reported by Economic Times on October 23. The corporation, which restructured in FY23 by combining acquired companies, felt the ongoing effect on its finances as its net loss increased to Rs 595 crore for the fiscal year ending March 2024, up from Rs 341 crore the previous year.
In recent years, Shiprocket has acquired multiple companies. Some of these options are retail software-as-a-service (SaaS) platform Omuni by Arvind Internet, ecommerce logistics solutions provider Pickrr, omnichannel user engagement platform Wigzo, and supply chain management company Glaucus.
The company, which counts Temasek, Lightrock and Tribe Capital among its investors, became a unicorn in 2022 when it raised $32 million at a valuation of $1.3 billion.
Source: The Economic Times, Asia Business Look
