Indiamart Intermesh has agreed to acquire 26% share capital of Shipway Technology on a fully converted basis. The transaction was done by Tradezeal Online Private, its wholly owned subsidiary.
The company has agreed to acquire 4,088 Convertible Preference Shares (CCPS), and 100 equity shares. Indiamart has also agreed to acquire share capital of Truckhall at a rate of 3.02%, on fully diluted basis. This will be in addition to 22% of the fully dilute share capital held by the company. Truckhall deals in the business of managing, creating, and running, a digital platform and an in-house software called ‘SuperProcure’ for the logistics industry.
Shipway Technology develops SaaS based solutions which allows small and upcoming enterprises to automate their shipping operations. The company intends to purchase 1,779 equity shares at price of INR 7,477 per share from the IIM Calcutta Innovation Park.This investment is in line with the Indiamart’s long-term objective of offering various SaaS based solutions to businesses. Indiamart Intermesh is India’s largest online Business-to-business marketplace for products and services, by connecting buyers and sellers.