Food delivery platform Zomato has offered to acquire e-commerce shipping startup ShipRocket. This information has been given in the Bloomberg report. Deepinder Goyal’s Zomato may buy ShipRocket for around $2 billion. Info Edge, Temasek and Lightrock also support this company. However, the deal has not been finalized. Amidst this news, Zomato’s shares recorded a stormy rise on Thursday. This share rose by about 3 per cent to reach Rs 127.55. The share touched the level of Rs 131.75 on December 19. This is the 52-week high of the stock.
Company’s Financial Position
In November, ShipRocket said it saw a 78 per cent growth in its operating revenue in the financial year ending March 31, 2023. ShipRocket said operating revenue in FY23 was about Rs 1,089 crore, up 1.7 times Rs 611 crore. The logistics unicorn reported a loss of Rs 341 crore in FY23, a 266% increase from Rs 93.1 crore in the previous financial year.
The Company Was Formed in 2017
The startup aggregates third-party logistics companies founded in 2017 by Sahil Goyal, Vishesh Khurana, Akshay Gulati and Gautam Kapoor. It works with 17 courier partners, including Delhivery, FedEx, Aramex, ExpressBees, DTDC and ShadowFax. It has raised about $270 million in funding from Temasek, Bertelsmann, Moore Strategic Ventures, PayPal and March Capital, among others.
What Did The Brokerage Say?
CLSA said that Zomato Limited is the top choice in the consumer segment. The foreign brokerage said Blinkit delivered positive growth in the second quarter of FY24. Blinkit made a positive contribution for the first time in the second quarter of FY 2024.
Let us tell you that Zomato acquired Blinkit (formerly Grofers) and its warehousing and support services business in August 2022. The deal was announced in June 2022 after the company board approved the Rs 4,447 crore transaction to acquire Blinkit.
