Shiprocket has acquired 80% of Pickrr for $200 Mn and will provide exits to its investors in the coming month. Pickrr founders Rhitiman Majumder, Gaurav Mangla and Ankit Kaushik will receive $10.8 million worth of Ship rocket shares each. Shiprocket has acquired four startups this year and invested in another five companies
Receive Shares Worth $32 Mn In Shiprocket
Last week, Gurugram-based SaaS logistics startup Shiprocket acquired an 80% stake in competitor Pickrr for $200 million. While the nitty-gritty has yet to be revealed, Pickrr founders will receive $32.4 million worth of Shiprocket shares INR 253.9 Cr.
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According to a board resolution approved by Shiprocket on June 2, 2022, the founders of Pickrr (Rhitiman Majumder, Gaurav Mangla & Ankit Kaushik will receive Ship rocket shares worth $10.8 million each as part of the deal. acquisition. The three co-founders will collectively receive around 24,883 Series E1 Mandatory Convertible Preferred Shares. After the allocation, the Pickrr co founders will together hold a 3.39% stake in Shiprocket.
In addition to this, Shiprocket is also formulating a new ESOP policy to reward employees who work with businesses acquired by the startup. Bigfoot Retail Solutions, which operates Ship rocket, will award 30,000 shares of equity to employees working with businesses acquired under the Employee Stock Option Plan ESOP 2022 Plan.
The Promoters & the Board believe that stock ownership plays a critical role in promoting the spirit of ownership among employees, which is an essential ingredient for business success & employee growth. To foster the spirit of ownership, this Board is tasked with formulating a Stock Option Plan for the employees of the companies acquired by us, the resolution reads.
Shiprocket, which is currently valued at over $900Mn, has been on an acquisition spree. The Zomato-backed startup made its first acquisition in the form of customer data platform CDP Wigzo Technologies. Acquired a 75% stake for between $20Mn and $25Mn.
Subsequently, it acquired Rocketbox, a B2B logistics platform for an undisclosed amount. As part of the deal, Rocketbox co-founder Raghav Singhania and Pooja Bhatt joined Ship rocket’s senior leadership team and Ship rocket rebranded as Rocketbox.
The startup later also acquired a majority stake in supply chain management startup Glaucus.
Shiprocket acquired all of these startups after raising $185Mn in its Series E round last year from Zomato, Temasek, Lightrock, Moore Strategic Ventures and 9Unicorns, among others. Ship rocket has also invested in startups like BoldCare, Woovly, eat better, Logibricks, and more recently EvenFlow.