Zomato said to make takeover offer for closely held Shiprocket

Zomato said to make takeover offer for closely held Shiprocket

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.

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.

Representatives for Shiprocket and New Delhi-based Zomato declined to comment.

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.