CCI approves MUFG Bank and Koch Group's investment in Shiprocket
Earlier this month the e-commerce enablement platform said it reduced its cash EBITDA burn by about 50% to Rs 100 crore in FY24 from Rs 191 crore a year ago.
The Competition Commission of India (CCI) has cleared two separate deals allowing KDT Venture Holdings, LLC, and MUFG Bank, Ltd., to buy stakes in Shiprocket Private Limited.
MUFG Bank is a subsidiary of Mitsubishi UFJ Financial Group while KDT Venture Holdings is a subsidiary of Koch, Inc., a firm focused on early-stage investments in sectors like healthcare, supply chain, and fintech. The firms will acquire minority stakes in Shiprocket.
The financial details of both transactions remain undisclosed.
Earlier this month the ecommerce enablement platform said it reduced its cash EBITDA burn by about 50% to Rs 100 crore in FY24 from Rs 191 crore a year ago.
The logistics unicorn also said it managed to hit profitability for the first two quarters of the current financial year, and it remains on track to achieve full profitability by FY 2025.
Edited by Affirunisa Kankudti