Indiamart acquires stake in Shipway Technology, Truckhall for about Rs 20 crore

B2B e-commerce 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 per cent stake in software company Shipway Technology for up to Rs 18.2 crore, and an additional 3.02 per cent 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 per cent 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 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 per cent in Truckhall.

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