Yahoo Finance Zomato Makes Takeover Offer for Indian E-Commerce Shipping Startup Shiprocket
(Bloomberg) -- Zomato Ltd., the publicly traded food delivery company, has made an offer to acquire closely held Indian e-commerce shipping startup Shiprocket, according to people with knowledge of the matter.
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Zomato’s offer values the platform at about $2 billion, said the people, who requested anonymity discussing confidential information. No final decision has been made and Zomato could opt against proceeding with a deal for the company, the people said.
A representative for Shiprocket declined to comment. New Delhi-based Zomato said in a statement reports about the company buying Shiprocket for $2 billion were “incorrect news,” adding it had no plans for an acquisition.
Shiprocket, led by co-founder and Chief Executive Officer Saahil Goel, raised funds in August 2022 at a valuation of $1.23 billion, PitchBook data shows. Its investors include Bertelsmann India Investments, Temasek Holdings Pte, PayPal Ventures and Tribe Capital. Zomato backed the company in 2021.
Since its initial public offering in July 2021, Zomato’s shares have climbed 68%, outperforming the Nifty 50 Index, which has gained 34% over the same period.
--With assistance from Baiju Kalesh and Devidutta Tripathy.
(Updates with Zomato’s statement in the third paragraph)
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