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Indiamart to buy 26% of Shipway Technology, invest more in Truckhall

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Indiamart Intermesh has indirectly, through its wholly owned subsidiary, Tradezeal Online Private, agreed to acquire 26% of the share capital of Shipway Technology on fully converted and diluted basis.

The company, through its wholly owned subsidiary, has agreed to acquire 100 equity shares and 4,088 Convertible Preference Shares (CCPS).

Shipway Technology is engaged in the business of developing SaaS based solutions which allow small businesses to automate their shipping operations.

Indiamart Intermesh has also agreed to acquire 3.02% of the share capital of Truckhall on fully diluted basis in addition to 22% 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 announcement was made after market hours yesterday, 28 April 2021. Shares of Indiamart Intermesh rose 2.66% to settle at Rs 8,720.40 yesterday.

Indiamart Intermesh is India's largest online B2B marketplace for business products and services. The company makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 29 2021. 08:59 IST