Shiprocket plans to acquire 75% stake in Delhi-based Wigzo Tech

Date: 2022-01-07   Author: Pankaj Singh  Category: #news

Shiprocket plans to acquire 75% stake in Delhi-based Wigzo Tech

Shiprocket, a Zomato-backed logistics aggregator company, has reportedly planned to acquire a 75% stake in Wigzo Tech, an AI-driven marketing tech firm for USD 20-USD 25 million in an all-cash deal.

The deal will have nearly 15% primary and around 60% secondary components and will possibly help Shiprocket develop a comprehensive solution for its merchants to navigate better logistics.

Following the acquisition, all the current investors of Wigzo, including Advantedge Partners and 3one4 Capital along with angels investors, will exit the company. However, the founding team and employees are likely to stay on for now.

Saahil Goel, the Chief Executive Officer and Co-Founder of Shiprocket cited that the funding will be used for acquisitions besides warehouse expansions and stack expansion for merchants.

As per credible sources, the acquisition will enable Shiprocket access to the nearly 250-brand strong clientele of Wigzo including Forest Essentials, Bajaj Electricals, Power Gummies, and many more D2C brands.

Last year, the logistics aggregator got Zomato as an investor. It executed a deal to secure USD 185 million in a Series E round which was co-initiated by Singapore's sovereign wealth fund Temasek and Zomato.  Prior to this, Founder of Zomato Deepinder Goyal invested USD 100,000 in Shiprocket.

Wigzo Tech will possibly be one of the first acquisitions made by the company after the fundraising.

Wigzo is an e-commerce marketing platform that assists all kinds of businesses to delve deeper into data to discover opportunities to increase their revenue and sales. E-commerce brands use the platform to personalize customer interaction and navigate better engagement and retention.

Wigzo was founded by Himanshu Kaushik and Umair Mohammed in 2013. The company’s solutions enable brands to personalize communication across various channels through one dashboard. It utilizes machine learning and data analytics to help its clients communicate with their customers in a personalized method.

Source credit:

https://www.moneycontrol.com/news/business/zomato-backed-shiprocket-to-acquire-75-stake-in-wigzo-tech-7904211.html



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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