Shiprocket To Acquire Majority Stake In Rival Pickrr In $200-Million Deal
Shiprocket and Pickrr, both e-commerce logisitics startups, cater to India's burgeoning D2C sector.
Shiprocket, an e-commerce logistics startup, has agreed to acquire rival Pickrr in a cash-and-equity deal valued at $200 million.
The companies, which provide logistics software-as-a-service to their clients, cater to India's burgeoning direct-to-customer sector, where enterprises book orders online and deliver directly to customers.
"We are excited to have Pickrr as part of the Shiprocket family, combining the two largest platforms enabling direct commerce," Saahil Goel, co-founder and chief executive of Shiprocket, said in a statement Wednesday. "Together, we will define the future of e-commerce enablement in India."
"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," he said.
Established in 2017, Shiprocket started its journey by building a technology stack focusing on social sellers and small and medium-sized enterprises. Pickrr was established in 2018.
Commenting on the deal, Pickrr's co-founder Gaurav Mangla said, "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."