Indiamart Acquires 26% of Shipway Technology through Truckhall

Indiamart Intermesh indirectly buys 26 percent of stake capital of Shipway Technology through its wholly owned subsidiary, Tradezeal Online Private. This acquisition has been completed on fully converted and diluted basis.

The company, via its wholly owned subsidiary, has decided to buy 100 equity shares and 4,088 Convertible Preference Shares (CCPS).
Furthermore, the Shipway Technology is involved in the business of developing SaaS based solutions that enables small businesses to automate their shipping operations.

Indiamart Intermesh has also decided to acquire 3.02 percent of the share capital of Truckhall on fully diluted basis in addition to 22 percent of the share capital (on fully diluted basis) already held by the company.

Truckhall is inter-alia engaged in the business of creating online marketplace and software development for the logistics industry including running and managing a digital platform 'SuperProcure'.

The company, through its wholly owned subsidiary, intends to purchase 1,779 equity shares for a total consideration of upto Rs 1.33 crore at price of Rs 7,477 per share from IIM Calcutta Innovation Park.

This investment shall be in line with the Indiamart Group's long-term objective of offering various Software as a Service (SaaS) based solutions for businesses.

The firm has announcement this post market hours on 28 April 2021. Shares of Indiamart Intermesh rose 2.66 percent to settle at Rs 8,720.40 yesterday.

Indiamart Intermesh is the country’s largest online B2B marketplace for business products and services. It simplifies to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.