B2B ecommerce firm Indiamart on Wednesday acquired stake in two companies, Shipway Technology and Truckhall, for about Rs 20 crore to strengthen its technology offering in logistics management, according to a regulatory filing.
The company has acquired 26 percent stake in software company Shipway Technology for up to Rs 18.2 crore, and an additional 3.02 percent stake in Truckhall for Rs 1.33 crore.
According to the filing, Indiamart Intermesh, through its wholly-owned subsidiary Tradezeal Online will acquire 100 equity shares and 4,088 compulsorily convertible preference shares (CCPS) of Shipway Technologies.
“The final aggregate shareholding of the company, post this investment, in the said entity would be 26 percent of the share capital on a fully converted and diluted basis,” the filing said.
Shipway is engaged in the business of developing software-as-a-service (SaaS)-based solutions, which allow small businesses to automate their shipping operations.
Its flagship product ‘Shipway’ allows sellers to improve the shipping experience for their customers by providing branded tracking pages, sending out automatic delivery notifications, and capturing customer feedback.
It also has another product that enables sellers to automate their back-office shipping workflows, including courier allocation, bulk label printing, fraud detection, and returns management.
Indiamart through Tradezeal Online will acquire 1,779 equity shares for a total consideration of up to Rs 1.33 crore at a price of Rs 7,477 per share from IIM-Calcutta Innovation Park in Truckhall.
Truckhall is in the business of creating an online marketplace and software development for the logistics industry, including running and managing a digital platform ‘SuperProcure’.
On completion of the transaction, Indiamart’s stake in the company will increase to 25.02 percent in Truckhall.
Founded by cousins Dinesh Agarwal and Brijesh Agrawal in 1996 with seed money of Rs 40,000, IndiaMART InterMesh is an online B2B marketplace for business products and services, connecting buyers with suppliers. The company focuses on providing a platform to small and medium enterprises (SMEs), large enterprises, as well as individuals.