IndiaMART to buy 26% of Shipway Technology, invest more in Truckhall
Summary
The company, through its wholly owned subsidiary Tradezeal Online Private Limited, will acquire 26% stake in Shipway Technology for Rs 18.2 crore. It also allows sellers to automate their back-office shipping workflows including courier allocation, bulk label printing, fraud detection and returns management. The acquisition will be in line with IndiaMART’s objective to offer software-as-a-service (SaaS) solutions for businesses, the stock exchange filing said. In another transaction, Tradezeal agreed to acquire an additional 3.02% stake in Kolkata-based Truckhall from IIM Calcutta Innovation Park for Rs 1.33 crore. Truckhall manages a SaaS-based platform that digitises freight sourcing by finding the best possible rates through a bidding and auction structure.
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