E-commerce logistics solutions company, Shiprocket has signed a deal to acquire a majority stake in its competitor Pickrr for roughly $200 million, in a mix of cash and equity transaction, the two firms announced in a statement on Wednesday.
Set up in 2017, software-as-a-service (SaaS) company Shiprocket started off as DIY technology stack focusing on social sellers and SMEs. Picker, was established a year later in 2018. Both these companies cater to India’s growing direct-to-consumer (D2C) segment.
“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,” said Saahil Goel, co-founder and CEO of Shiprocket.
The deal will help Shiprocket emerge as India’s largest and fastest-growing ecommerce enablement platform. The two platforms process 10 million shipments every month with a customer base of over 75,000 merchants, the statement added. “As we analysed, we were certain that it would be mutually beneficial, not just for the two platforms, but the entire e-commerce logistics space,” said Gaurav Mangla, co-founder of Pickrr.
“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,” he added.