The founders of Rocketbox Raghav Singhania and Pooja Bhat would now join the management of Shiprocket and would still continue to build the cargo product as a part of the agreement.
Tech-based logistics and fulfilment company Shiprocket announced its acquisition of B2B logistics aggregator Rocketbox on Friday, this week. The amount on which the former acquired the latter has been kept under wraps as of now. The founders of Rocketbox would now join the management of Shiprocket and would still continue to build the cargo product as a part of the agreement.
The product aims to help improve the service quality through dedicated customer support, transparent service-level agreements (SLAs) and ease of booking of shipments. With the acquisition, both the companies intend to bring a robust combination of technology, efficiency, expert cargo and lower shipping costs to provide a hassle-free end-to-end experience for customers and buyers, till the very last mile.
Prior to this, Shiprocket had said that it is ‘committed’ to acquiring a 75% stake in customer data platform (CDP) Wigzo Tech for an amount that is yet to be disclosed as of now.
The company’s origins can be traced back to the year 2015 when it was launched as an intra-city on-demand truck provider and aggregated with over 5,000 drivers on its platform. After a Series A funding round from Delhivery and subsequent expansion of operations, Rocketbox launched its application, catering to vendor payments, client billings and fleet management along with a wide range of other ancillary services.
By the year 2020, the platform was facilitating services for over 28,000 pin codes across India, working with seven carriers and offering 11 different services. Shiprocket, which is currently functioning across 29,000 pin codes and has multiple solutions, is backed by marquee investors such as Zomato, Tribe Impact Capital, March Capital and PayPal Ventures to name a few.