Shiprocket acquires B2B logistics aggregator platform Rocketbox

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New Delhi, Jan 14 | Logistics technology platform Shiprocket said on Friday it has acquired Rocketbox, a B2B logistics aggregator platform, for an undisclosed sum.

The Rocketbox (now Rocketbox by Shiprocket) founders will join the Shiprocket leadership team and continue to build the cargo product as part of this deal, the company said in a statement.

“Rocketbox has a cutting-edge platform which extends Shiprocket’s capabilities to B2B use-cases as well as bulk movement using cargo carriers. The platform brings along a host of features which will help retailers save time, cost, and effort, allowing a smooth end-to-end logistics experience,” said Saahil Goel, Co-Founder and CEO of Shiprocket.

Rocketbox by Shiprocket product aims to improve the service quality through dedicated customer support, transparent SLAs (service level agreements), and ease out booking of bulk shipments.

Launched in June 2015, Rocketbox began as an intra-city, on-demand truck provider and aggregated with more than 5,000 drivers on its platform.

“I look forward to working with the Shiprocket team to take Rocketbox to new heights and continue on this journey together”, said Raghav Singhania, Co-founder and CEO Rocketbox.

Launched in 2017, Shiprocket is backed by Zomato, Tribe Impact Capital, March Capital, PayPal Ventures, Info Edge Ventures, Lightrock and Bertelsmann India Investments.

Zomato led the $185 million (Rs 1,380 crore) Series E funding round in the platform, along with Temasek and Lightrock India, in December.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,150, Sensex falls 236 pts

Share Market Closing Bell: Nifty ends below 16,150, Sensex falls 236 pts

The NIFTY 50 had a positive opening and made an intraday high at 16262.80 level but showed selling pressure from the top and made an intraday low at 16078.60 level and closed the session at 16125.15 level with a loss of 89.55 points However, Bank nifty closed the session at 34290 level with a gain of 42 points. VIX closed at 25.70 up by 9.83%.

33 stocks out of NIFTY 50 closed in Red which suggest broad based selling. Nifty Healthcare, FMCG, IT, capital goods indices down 1 percent each while Nifty Auto & Bank ended in Green. Nifty Stocks like DRREDDY, GNFC, POWERGRID, KOTAKBANK were the top gainers, While DIVISLAB, TECHM, GRASIM & HINDUNILVR were top losers. The Nifty has confirmed the shooting star kind of pattern on a daily time frame which indicates downside movement momentum for an upcoming session.

Moreover, from the last 14 days Nifty has been trading in a range of 15750-16410 levels, either side breakout can direct further direction. In addition, Nifty has given a closing below 21-Day Moving Average which indicates weakness in the Nifty.

However, the momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone on a daily chart which suggest a northward journey in the Nifty. The Nifty may find Strong support around 16000 levels, while on the upside 16300 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33600 levels while resistance at 34800 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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