Zomato-backed Shiprocket is all set to acquire a 75% stake in Delhi-based Wigzo Tech which operates an enterprise automation suite for a valuation of around $20-25 million, according to sources privy to the development.
The deal will have around 60% secondary and 15% primary components and is likely to help Shiprocket build a full-stack solution for its merchants to drive better logistics.
All the existing investors of Wigzo including Mahandas Pai-backed 3one4 Capital and Advantedge Partners besides angels investors would be exiting the company following the deal.
"Space-bound and unstoppable! Shiprocket India commits to buying a 75% stake in WigzoTech. Heading towards new horizons in eCommerce tech," Wigzo tweeted through its official Twitter handle on the microblogging site. However, Shiprocket did not respond to Moneycontrol's query.
Wigzo was founded in 2013 by Umair Mohammed and Himanshu Kaushik. It offers marketing automation platform e-commerce stores. Its solutions allow brands to personalize communication across multiple channels through a single dashboard. It uses data analysis and machine learning to help its clients communicate with their customers in a personalised manner. As per its website, it has over 1,000 clients.
Last year, logistics aggregator Shiprocket roped in Zomato as an investor. It finalised a deal to raise $185 million in a Series E round which was co-led by Zomato and Singapore's sovereign wealth fund Temasek.
In an interaction, Saahil Goel, Co-Founder and CEO of Shiprocket has told Moneycontrol that it would use the funding for acquisitions besides expanding the stack for merchants and warehouse expansions.
This is likely to be one of the first acquisitions made by Shiprocket after raising funds.
Shiprocket did not immediately respond to Moneycontrol's query.
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