Shiprocket Acquires Majority Stake In Glaucus Supply Chain Solutions

Zomato-backed e-commerce shipping platform Shiprocket on Monday announced its third buyout this year with the acquisition of a majority stake in Glaucus Supply Chain Solutions.

Following the acquisition, the two platforms will combine their strengths to take the complexity out of fulfilment challenges faced by traders, retailers and brands, Shiprocket said.

Shiprocket had earlier in January announced acquiring a 75 per cent stake in customer data platform Wigzo Tech and also the acquisition of business-to-business logistics aggregator platform Rocketbox.

Besides, on February 5, it said the company had invested USD 1.5 million in software-as-a-service (SaaS)-based logistics start-up Logibrick.

Continuing its acquisition spree, Shiprocket has acquired a majority stake in supply chain management company, Glaucus Supply Chain Solutions Pvt Ltd, and further the two companies have agreed to merge in due course, it said in a statement.

The transaction will allow Shiprocket to accelerate the development of solutions that will improve speed, accuracy and efficiency in the post-purchase process across trade channels, the company said.

With over 17 courier partners on board, the brand enables pan-India as well as international shipping deliveries. Its shipping solutions are available across over 29,000 PIN codes within India and 220 countries across the world.

The platform offers multiple solutions such as fulfilment and packaging, among others.

"We are thrilled to announce our acquisition of Glaucus Supply Chain Solutions.

"With our technology prowess, capital availability and ability to focus on solving problems for our current and future clients, we aspire to become the country's largest provider of fulfilment services," Saahil Goel, co-founder and CEO of Shiprocket, said.

Established in 2015 by Vivek Kalra, Nitin Dhingra, Mandeep Kanwal and Jayant Mahto, Glaucus' key service offerings include B2B distribution, sales return management, D2C marketplace fulfilment and managed transportation.

Headquartered in Delhi, the company has an established presence in Gurugram, Mumbai, Bengaluru, Hyderabad, Ludhiana, Faridabad, and Sonipat.

Besides Zomato, Shiprocket also has investment from other marquee investors such as Tribe Capital, March Capital, PayPal Ventures and Infoedge Ventures.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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