 "Shiprocket to acquire majority stake in Pickrr for $200 mn: Joint statement")
E-commerce logistics SaaS company Shiprocket has inked a deal to acquire a majority stake in its competitor e-commerce platform Pickrr for about USD 200 million (about Rs 1,560 crore) in a mix of cash and equity transaction, the firms said in a joint statement.
Shiprocket and Pickrr cater to India's burgeoning D2C (direct-to-customer) sector, where enterprises book order online and deliver it directly to customers.
"We are excited to have Pickrr as part of the Shiprocket family, combining the two largest platforms enabling direct commerce. Together, we will define the future of e-commerce enablement in India," Saahil Goel, co-founder and CEO of Shiprocket said in the statement.
Established in 2017, Shiprocket started its journey by building a DIY technology stack focusing on social sellers and SMEs.
"The deal value is estimated at USD 200 million, comprising cash, stock and earn-out," the statement said.
PIckrr was established in 2018.
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"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.
"Both Shiprocket and Pickrr are frontrunners in the industry, and we are keen to work closely with them to build futuristic solutions and transform the e-commerce logistics sector by driving it to its next growth phase," Gaurav Mangla, co-founder of Pickrr, said.
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