What’s the news: Responding to media reports of Zomato offering $2 billion to acquire Shiprocket, CEO Deepinder Goyal in a tweet clarified that the company has “no plans for any acquisition at this moment.”
“We have noticed that there are certain news articles circulating in the mainstream media with the subject ‘Zomato offers to acquire Shiprocket for $2 billion’. We deny this statement and would like to caution investors against such incorrect news floating in the market. We remain focused on our existing businesses with no plans for any acquisition at this moment,” said Goyal in his tweet.
Earlier, some media outlets had incorrectly said that Zomato offered the shipping startup around $2 billion (around Rs 16,600 crore). Goyal said that while the company does not comment on such speculation, it’s making the exception this time considering the size of the deal mentioned.
Clarification on news articles related to acquisition of Shiprocket —
We have noticed that there are certain news articles circulating in the mainstream media with the subject “Zomato offers to acquire Shiprocket for $2 billion”. We deny this statement and would like to caution…
— Deepinder Goyal (@deepigoyal) December 21, 2023
In November, Zomato reported a profit of Rs. 36 crore and an adjusted revenue of Rs.3,227 crore in Q2FY2024. Company representatives had also clarified to stakeholders that it planned to focus on existing business rather than acquiring new ventures. That being said, Zomato when discussing Blink It had also said it aims to have at least 100 new (net) stores within FY24, and exit March 2024 with around 480 stores.
Currently, Zomato is also dealing with demand notices from the Directorate General of GST Intelligence (DGGI) along with Swiggy for alleged non-payment of GST worth over ₹400 crore.
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