Pickrr Founders To Receive Shares Worth $32 Mn In Shiprocket

SUMMARY

Shiprocket has acquired 80% stake in Pickrr for $200 Mn and will be giving exits to its investors in the coming months

Pickrr founders Rhitiman Majumder, Gaurav Mangla and Ankit Kaushik will receive Shiprocket shares worth $10.8 Mn each

Shiprocket has acquired four startups this year and invested in five other companies

Last week, Gurugram-based SaaS logistics startup shiprocket acquired 80% stake in its competitor Pickrr for $200 Mn. While the nitty-gritty of the deal has not been disclosed yet, the founders of Pickrr will be receiving $32.4 Mn (INR 253.9 Cr) worth of shares of Shiprocket.

According to a board resolution passed by Shiprocket on June 2, 2022, founders of Pickrr – Rhitiman Majumder, Gaurav Mangla and Ankit Kaushik – will receive Shiprocket shares worth $10.8 Mn each as part of the acquisition deal. The three cofounders will together receive around 24,883 Series E1 compulsory convertible preference shares. Post the allotment, the Pickrr cofounders will together hold 3.39% stake in Shiprocket.

Apart from this, Shiprocket is also formulating a new ESOP policy to reward employees working with the businesses acquired by the startup. Bigfoot Retail Solutions, which operates Shiprocket, will be granting 30,000 equity shares to employees working with the acquired businesses under Employees Stock Options Plan (ESOP Plan 2022).

“The Promoters and the Board believe that stock ownership plays a critical role in promoting ownership spirit among the employees, which is an essential ingredient for business success and growth of employees. To foster the ownership spirit, this Board is entrusted with the task of formulating an Employee Stock Options Plan for the employees of companies acquired by us,” the resolution read.

Shiprocket, which is currently valued at over $900 Mn, has been on an acquisition spree. The Zomato-backed startup made its first acquisition in the form of customer data platform (CDP) Wigzo Technologies. It acquired 75% stake for somewhere between $20 Mn-$25 Mn.

Later, it acquired Rocketbox, a B2B logistics platform for an undisclosed amount. As a part of the deal, Rocketbox cofounder – Raghav Singhania and Pooja Bhatt joined Shiprocket’s senior leadership team and the brand was rebranded to Rocketbox by Shiprocket.

The startup later also acquired a majority stake in supply chain management startup Glaucus.

Shiprocket acquired all these startups after it raised $185 Mn in its Series E round last year from Zomato, Temasek, Lightrock, Moore Strategic Ventures and 9Unicorns, among others. Shiprocket has also invested in startups like BoldCare, Woovly, eat better, Logibricks, and, most recently, EvenFlow.