Bengaluru: E-commerce Logistics Company shiprocket Announced a $185 million funding round on Friday co-led by Zomato, Temasek and Lightrock India. But the development generated some controversy after the former Infosys CFO TV Mohandas Pai in a tweet wondered whether there is a conflict of interest if a listed company invests in a startup where the founder of the listed company had invested. their reference was zomato founded by Deepinder GoyalInvesting in Shiprocket.
Goyal, however, responded quickly to the allegation, pointing out that he had abandoned his personal investment of $100,000 in Shiprocket at zero profit before Zomato stepped in to invest. He added that this individual investment was one of the key reasons for Zomato to come closer to Shiprocket and its founders, and as such “we found that there is a potential long-term strategic fit between the two companies”. They can continue to follow this individual investing strategy after the company invests, he added.
Goyal also slammed Pai founder Sanjeev Bikhchandani for tweeting information edge, an early investor in Zomato instead of him.
Sriram Subramaniam, founder of corporate governance analysis firm InGovern Research Services, was not entirely convinced by Goyal’s response. He told TOI that Zomato “should have come forward on the quantum of investment in Shiprocket by Deepinder Goyal and the company, and whether Goyal had recused himself from the board when he decided to invest in Shiprocket”.
Launched in 2017, ShipRocket is building a seamless logistics data platform that connects retailers, carriers and consumers across national and international locations. Its shipping solutions are available across 29,000 pin codes in India and 220 countries.
Goyal, however, responded quickly to the allegation, pointing out that he had abandoned his personal investment of $100,000 in Shiprocket at zero profit before Zomato stepped in to invest. He added that this individual investment was one of the key reasons for Zomato to come closer to Shiprocket and its founders, and as such “we found that there is a potential long-term strategic fit between the two companies”. They can continue to follow this individual investing strategy after the company invests, he added.
Goyal also slammed Pai founder Sanjeev Bikhchandani for tweeting information edge, an early investor in Zomato instead of him.
Sriram Subramaniam, founder of corporate governance analysis firm InGovern Research Services, was not entirely convinced by Goyal’s response. He told TOI that Zomato “should have come forward on the quantum of investment in Shiprocket by Deepinder Goyal and the company, and whether Goyal had recused himself from the board when he decided to invest in Shiprocket”.
Launched in 2017, ShipRocket is building a seamless logistics data platform that connects retailers, carriers and consumers across national and international locations. Its shipping solutions are available across 29,000 pin codes in India and 220 countries.
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