Unicommerce fully acquires Shipway to ramp up ecommerce enablement
In December last year, Unicommerce had acquired a 42.76% stake in Shipway for Rs 68.4 crore.
Unicommerce eSolutions Limited on Friday completed its acquisition of courier aggregation platform Shipway Technology by acquiring the remaining 57.24% stake in the company. This makes Shipway a wholly owned subsidiary of Unicommerce eSolutions Limited.
“The acquisition will be facilitated through a preferential issue of equity shares by Unicommerce in exchange for shares of Shipway held by its promoters and individuals other than the promoter. Unicommerce will issue 60,33,189 equity shares of the Company, with the share swap ratio being 1:8.9,” Unicommerce said in a statement.
In December last year, the company had acquired a 42.76% stake in Shipway for Rs 68.4 crore. While the terms allowed Unicommerce to complete the acquisition within a year, the accelerated acquisition signals a quick integration, the company added.
This allowed Unicommerce to broaden its addressable and launch an expanded and integrated suite of ecommerce enablement solutions, positioning itself as a one-stop technology provider.
Post acquisition, the combined client base includes more than 7,000 businesses serving over 10,000 brands in India, with only a 5% overlap. Additionally, it also offers immediate cross-sell opportunities for all businesses expanding the addressable market, the company said.
As a full-stack logistics management platform, Shipway offers courier aggregation and shipping automation.
Earlier this month, the promoters of Softbank-backed Unicommerce, Kunal Bahl and Rohit Bansal, raised their stake in the company by purchasing additional shares from the market.
Edited by Jyoti Narayan
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