Arvind jumps on offloading stake in Omuni to Shiprocket

19 Jul 2022 , 10:19 AM

Shiprocket announced acquisition of Arvinds omnichannel technology business – Omuni. The transaction will be carried out as a combination of stock and cash for total consideration of Rs 200 crore. The combination of both entities will facilitate quick, efficient deliveries of shipments from the nearest store or warehouse, significantly reducing delivery timelines and enhancing customer experience. Founded in 2014, Omuni (Arvind Internet) is Indias leading omnichannel retail enablement platform for brand and retailers. Shiprocket is Indias largest eCommerce enablement platform providing digital retailers an end-to-end customer experience platform. Both Shiprocket and Omuni are industry leaders and integral partners in a larger D2C commerce enablement segment. The ecosystem comprises of retailers, e-commerce shopfronts, marketplaces, ERPs, point-of-sale systems, warehouse management solutions, payment solutions, and CRM solutions required for best-in-class shopping experiences for consumers. The acquisition will further strengthen the omnichannel offering of Shiprocket. Kulin Lalbhai, executive director of Arvind, said: We are delighted with the merger of our technology division into Shiprocket. We have built Omuni into an industry leading product used by some of the largest brands in the country. By combining our retail stack with the Shiprocket Ecosystem we will be able to make the extensive inventory of retail stores available to be sold seamlessly via Shiprockets logistics as a service solution . The coming together of these two product stacks will create a lot of value. Meanwhile, the S&P BSE Sensex was down 5 points or 0.01% to 54,516.30. On the BSE, 84,000 shares were traded in the Arvind counter so far compared with average daily volumes of 63,000 ashares in the past two weeks. The stock hit a high of Rs 90.5 and a low of Rs 86 so far during the day. The stock hit a 52-week high of Rs 158.65 on 28 Jan 2022. The stock hit a 52-week low of Rs 82 on 20 Jun 2022. The stock had underperformed the market over the past one month, rising 3.30% compared with 5.67% rise in the Sensex. The scrip underperformed the market in past one quarter, sliding 35.99% as against Sensexs 4.63% fall. The scrip also underperformed the market in past one year, correcting 17.74% as against Sensexs 3.74% fall. Arvind is one of the largest integrated textile and branded apparel players in India. On a consolidated basis, net profit of Arvind rose 58.24% to Rs 84.15 crore on 33.15% rise in net sales to Rs 2203.50 crore in Q4 March 2022 over Q4 March 2021. Powered by Capital Market – Live News