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IndiaMART to buy 26% of Shipway Technology, invest more in Truckhall
Photo Credit: Pixabay

IndiaMART InterMESH Ltd, which operates a business-to-business (B2B) marketplace, today said it would pile into Gurugram-based Shipway Technology and invest more in a Kolkata firm. 

The company, through its wholly owned subsidiary Tradezeal Online Private Limited, will acquire 26% stake in Shipway Technology for Rs 18.2 crore. 

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 allows sellers to automate their back-office shipping workflows including courier allocation, bulk label printing, fraud detection and returns management. 

The acquisition will be in line with IndiaMART’s objective to offer software-as-a-service (SaaS) solutions for businesses, the stock exchange filing said. 

The transaction may be completed within 30 days from the date of signing of the agreement. 

Shipway reported net sales of Rs 2.63 crore for the year ended March 31, 2020. 

In another transaction, Tradezeal agreed to acquire an additional 3.02% stake in Kolkata-based Truckhall from IIM Calcutta Innovation Park for Rs 1.33 crore. 

The transaction would increase the investor’s total shareholding in the company to 25.02%. 

Truckhall manages a SaaS-based platform that digitises freight sourcing by finding the best possible rates through a bidding and auction structure. 

Truckhall reported net sales of Rs 1.48 crore for the year ended March 31, 2020.

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