Abandonment of personal investment in Shiprocket to avoid conflicts of interest: Deepinder Goyal of Zomato

Zomato CEO and co-founder Deepinder Goyal said he abandoned his personal investment in e-commerce shipping platform Shiprocket before the food delivery company led a growth funding round in the company.

Zomato CEO and co-founder Deepinder Goyal said he abandoned his personal investment in e-commerce shipping platform Shiprocket before the food delivery company led a growth funding round in the company.

Goyal said he abandoned his $ 100,000 investment in Shipcrocket with no profit or loss before Zomato co-led a $ 185 million (Rs. 1,380 crore) Series E funding round in the company, with Temasek and Lightrock India.

He was responding to a tweet from the former financial director of Infosys TV Mohandas Pai which questioned the conflict of interest of Zomato’s investment in the maritime start-up in which Goyal was an investor. Tagging Sanjeev Bikhchandani, founder and vice chairman of Zomato’s largest shareholder, Info Edge, Pai tweeted, “Shiprocket to raise $ 185 million as part of Series E co-led by Zomato, Temasek. Is there a conflict of interest if a co-listed invests in a startup where the founder of the co-listed has invested?

“By the way, this personal investment was one of the main reasons we got closer to Shiprocket (and its founders). This is how we discovered that there is a potential long-term strategic fit between the two companies, ”Goyal wrote on the microblogging website.

He said the company may close more such deals in which Zomato tracks the founder’s personal investments to support a business.

New investors, Moore Strategic Ventures and 9licorns are also participating in this cycle, as well as existing investors Info Edge Ventures and March Capital. Other notable investors in this round include Brijesh Agrawal (IndiaMART), Peyush Bansal (Lenskart), Sanil Sachar (Huddle Ventures), Varun Alagh (Mamaearth), Sameer Mehta & Aman Gupta (Boat Electronics) and Ashish Gupta (Helion Ventures) .

Shiprocket will deploy the freshly injected capital towards aggressive commodity expansion, research and development, talent acquisition and the development of a full line of products that will help retailers deliver a seamless and high-quality customer experience. quality after order, in line with that of major e-commerce platforms.

Launched in 2017, Shiprocket claims to be the fastest company to become profitable in 24 months while doubling its annual revenue (ARR) in the last 6 months. Shiprocket’s technology enables shipping and order fulfillment for SMEs, D2C retailers and social commerce vendors in India, across multiple categories including PCBs, clothing, footwear, electronics and healthcare, according to a document. official.


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