MUFG Bank, Koch Group Seek CCI Approval For Stake In Shiprocket MUFG Bank, Koch Group Seek CCI Approval For Stake In Shiprocket

MUFG (Mitsubishi UFJ Financial Group) is a financial services group headquartered in Tokyo

Koch Group with its subsidiary and venture capital firm KDT (Koch Disruptive Technologies) Venture Holdings is eyeing stakes in logistics unicorn

Shiprocket recently reported that it is well on track to achieve profitability by FY2025

Japan-based MUFG Bank and US-based conglomerate Koch Group have approached the Competition Commission of India (CCI) for an approval to pick up minority stakes in logistics unicorn Shiprocket.

“The proposed transaction entails the acquisition of minority shareholding of the shiprocket by the MUFG Bank,” as per the notice filed with the CCI.

While MUFG (Mitsubishi UFJ Financial Group) is a financial services group headquartered in Tokyo, Koch Group with its subsidiary and venture capital firm KDT (Koch Disruptive Technologies) Venture Holdings is eyeing stakes.

Inc42 has reached out to Shiprocket for a comment on the development. The story will be updated on receiving a response.

Shiprocket’s operating revenue jumped 20.8% to INR 1,316 Cr in FY24from INR 1,089 Cr in the previous fiscal year.

However, it reported a 74.4% slump in its bottom line growth. It saw a net loss of INR 595 Cr in FY24 from INR 341 Cr in FY23.

The primary reason behind this surge in loss was one-time restructuring and integration-related accounting impact of INR 244 Cr related to acquired entities, cited the company.

In the first two quarters of the current financial year, Shiprocket experienced profitability, it said, adding that it is well on track to achieve profitability by FY2025.

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket is an aggregator of third-party logistics companies. It works with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax.

Shiprocket in August piloted a D2C marketplace Zop. The pilot started a few weeks ago and hosts around 200-300 brands across eight categories including fashion, beauty, electronics, among others. It was reported that Zop charges a sales commission from brands for listing their products.

Shiprocket claims to compete against the likes of Meesho, Amazon, Flipkart, JioMart and others in the marketplace segment with the launch of Zop.