Zomato-backed Shiprocket to acquire 75 pc stake in Wigzo Tech
Shiprocket, a logistics aggregator backed by Zomato, is set to acquire a 75% stake in customer data platform (CDP) Wigzo Tech, the company said in a release. The cost of acuisition has been pegged between $20-25 million, according to reports The proposed strategic acquisition will enable Shiprocket to expand its product stack for online retailers onboarding its platform, among others, the startup said in a release without disclosing the deal size. Wigzo Tech specifically caters to the dynamic needs of ecommerce and D2C brands.
Shiprocket had last month raised $185 million in Series E-round, and said that the proceeds will be utilised for acquisitions and business expansion, among others.
Founded by Umair Mohammed, Himanshu Kaushik, and Mohammed Atyab, Wigzo Tech is aiding more than 400 ecommerce giants and D2C brands in their growth journey with its marketing automation and BI (business intelligence) platform, as per the release.
According to Shiprocket, the two brands will complement each other to deliver a superior customer experience by solving critical pain points faced by e-commerce sellers.
While Shiprocket’s expertise lies in leveraging delivery-behaviour data and enabling end-to-end logistics and fulfilment efficiency, Wigzo Tech brings intelligence about customer affinity and purchasing behaviour to increase conversion.
“…With its underlying CDP rails and other applications such as business intelligence, consumer behaviour, data analytics, and automated assistance, Wigzo packs a cutting-edge platform enabling every D2C brand to create tailored and personalised experiences for their target customers.
“It also helps brands analyse data in real-time through big data and AI or ML algorithms in just a few clicks,” said Saahil Goel, cofounder-CEO, Shiprocket.
India’s D2C (direct-to-consumer) space is showcasing massive growth, he added.
Noting that this market is expected to touch $100 billion by 2025, Goel said for D2C brands, leveraging data can play a pivotal role in having an edge above their contemporaries.
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Umair Mohammad, CEO and cofounder, Wigzo Tech, said, “As we went through the process of evaluating what our association could mean, we were certain that this would be immensely beneficial. We are looking forward to working closely with them to build innovative, futuristic solutions that will kickstart the next phase of growth for the industry”.
Shiprocket’s technology powers shipping and fulfilment for SMEs, D2C retailers and social commerce sellers in India across multiple categories.
(with inputs from PTI)
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