Shiprocket has picked an 80% stake in Pickrr, giving an exit to the startup’s investors and absorbing the Pickrr team
In 2022 alone, Shiprocket has acquired Glaucus Supply Chain, Wigzo, Rocketbox and Logibricks
The 3PL aggregator is also in the final stages of acquiring Shyplite’s India business
Moving towards a major market consolidation within the logistics industry, 3PL startup Shiprocket has picked an 80% stake in rival Pickrr for a $200 Mn deal. In the coming months, Shiprocket is looking to completely acquire Pickrr, giving an exit to the startup’s investors and absorbing the Pickrr team. Pickrr founders are likely to get an undisclosed stake in Shiprocket.
Launched in 2017, Shiprocket has been one of the market leaders within the logistics industry, offering 70K+ online sellers to ship their products across the country.
In a previous interaction with Inc42, the startup claimed to have 2 Lakh+ daily shipments across 29K+ pin codes and over 220 countries. It also said that it clocked $49.7 Mn in revenue in FY21.
It is to be noted that Shiprocket is an aggregator of 3PL companies and does not really compete with other third-party logistics (3PL) businesses. It has 17+ courier partners, including the likes of Delhivery, Xpressbees, DTDC, Shadowfax and Ecom Express.
Bringing The A-Game
In 2021, the logistics startup raised $185 Mn from Zomato and Temasek, among others. This year, Shiprocket has been on an acquisition spree having acquired majority stakes in tech-powered Glaucus Supply Chain, martech startup Wigzo, B2B logistics platform Rocketbox and SaaS-based Logibricks.
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The Zomato-backed startup is also in the final stages of acquiring Shyplite’s Indian business. If the deal goes through, Shyplite would be Shiprocket’s sixth acquisition in 2022.
The latest feather in the hat – Pickrr – will help Shiprocket strengthen its position as a platform for all-sized brands, small or big, providing after-sales services including delivery and other SaaS offerings.
Shiprocket founder and CEO Saahil Goel has outlined that Pickrr’s acquisition will complement the startup’s capabilities as Pickrr has been focussed on larger commercial brands while Shiprocket deals with SMBs and D2C brands.
Set up in 2015 by Ankit Kaushik, Rhitiman Majumder and Gaurav Mangla, the Delhi NCR-based logistics player is backed by the likes of IIFL, Amicus Capital, Ananta Capital, among others. The growth stage startup has to date raised $16 Mn across two rounds.
It largely operates in large scale logistics fulfilment segment. The plug-and-play SaaS solution’s key offerings include B2B distribution, sales return management, D2C marketplace fulfilment and managed transportation.
Similar to Shiprocket, Pickrr aggregates the 3PL market for over 75K sellers, bringing 20+ logistics companies such as FedEx, Blue Dart, Ekart and India Post. It recently also launched a tool named Fastrr to help online brands provide their customers with a checkout experience and manage abandoned carts.
With the acquisition of Pickrr, Shiprocket is moving towards market consolidation, in a bid to have a large stake within the INR 1.2 Tn 3PL market.