MUFG Bank and Koch Group Eye Strategic Stakes in Shiprocket

MUFG Bank and Koch Group are seeking approval from the Competition Commission of India to acquire minority stakes in Shiprocket, a logistics aggregator. These transactions, involving equity investments, are not expected to affect market competition in India. Shiprocket reported increased losses but improved cash flow in FY 2024.

Japan's MUFG Bank and the American enterprise Koch Group have approached the Competition Commission of India, requesting authorization to purchase minority stakes in the logistics firm Shiprocket.

In separate filings, MUFG Bank and Koch's KDT Venture Holdings highlighted their prospective equity interest acquisitions in Shiprocket, asserting that these transactions will not disrupt competition within the Indian market.

Shiprocket reported a widened loss of Rs 595 crore in the fiscal year 2024, attributing it to restructuring costs and investments in new business avenues. Despite this, the company has significantly reduced its cash burn and remains on track for full profitability.

(With inputs from agencies.)