Shiprocket to buy majority stake in VC-backed Pickrr for $200 mn

 Shiprocket to buy majority stake in VC-backed Pickrr for $200 mn

Shiprocket, one of India’s largest tech-enabled shipping and fulfillment platforms, said Wednesday it has signed a deal to acquire a majority stake in Pickrr, an e-commerce SaaS platform for D2C brands and SME e-tailers.

The deal value is estimated at $200 million, comprising cash, stock and earn-out. The consolidation creates a single gateway for other enablers and suppliers to service the digital retailer community and strengthens Shiprocket’s position as a key enabler of D2C operating system.

Saahil Goel, co-founder and CEO of Shiprocket, said, “We have a once-in-a-lifetime opportunity to define how retailers interact with logistics operators and consumers to create consumer delight. We look forward to building a formidable e-commerce logistics ecosystem with our complementary products and customer segments.”

New Delhi-based Bigfoot Retail Solutions Pvt. Ltd, which operates Shiprocket, was founded in 2012 by Saahil Goel, Akshay Ghulati, Gautam Kapoor and Vishesh Khurana. Last December, Temasek and Lightrock joined Zomato to back Shiprocket in its Series E round of funding. The company is also backed by Moore Strategic Ventures, 9Unicorns, Info Edge Ventures and March Capital.

It had also struck a few other acquisitions this year, including Glaucus and Rocketbox.

Gaurav Mangla, co-founder of Pickrr, said, “As we analysed what the acquisition of Pickrr could mean, we were certain that it would be mutually beneficial, not just for the two platforms, but the entire e-commerce logistics space.”

Pickrr ws founded by Rhitiman Majumdar, Gaurav Mangla and Ankit Kaushik seven years ago. It had raised funding from IIFL, Amicus Capital, Ananta Capital, Omidyar and Guild Capital.

Shiprocket said the combined entity is building an operating system for direct commerce—a new-age, pure-software infrastructure stack, completely asset-less and growing profitably at 100% year on year. Both businesses, which individually were on track for full year profitability, once combined, will help accelerate that trajectory along with IPO timelines, the company said.

Avendus Capital acted as the exclusive financial advisor to Shiprocket on this transaction.

Vivek Sinha

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