Mukka Proteins has approved a strategic investment of up to ₹13.19 crore in Shipwaves Online Limited (SOL). The Board of Directors authorized the acquisition of equity shares in the digital freight forwarding firm during its meeting on September 1, 2026.

The transaction is classified as a related-party deal, as Mukka Proteins is part of the promoter group of SOL. The company stated that the investment is executed at arm’s length and aims to leverage business synergies in logistics to support long-term growth interests.

Deal Structure

Mukka Proteins plans to acquire 2,93,20,000 equity shares of SOL at a price of ₹4.50 per share. The total consideration amounts to ₹13,19,40,000. Post-acquisition, Mukka Proteins’ shareholding in SOL will stand at 16.77%.

The payment will be made in cash. The company intends to complete the acquisition in one or more tranches by March 31, 2027. No governmental or regulatory approvals are required for this transaction.

Target Company Profile

Shipwaves Online Limited operates in the digital freight forwarding and enterprise SaaS solutions sector. Incorporated on February 27, 2015, SOL has an authorized capital of ₹29 crore and a paid-up capital of ₹14.15 crore.

Financial Overview

SOL’s turnover for FY26 was ₹65,01,44,787, compared to ₹77,20,60,015 in FY25 and ₹65,09,14,752 in FY24. The company reported a net profit of ₹1,68,46,716 for FY26.

What the Numbers Show

The valuation implied by this transaction suggests a premium over book value. With a net worth of ₹71.30 crore and an equity stake of 16.77%, the share of net worth acquired is approximately ₹11.96 crore. However, Mukka Proteins is paying ₹13.19 crore for this stake, indicating a valuation that exceeds the target’s standalone net worth by roughly 10%. This premium likely reflects the strategic value of SOL’s SaaS platform and freight forwarding capabilities rather than just its current balance sheet strength.

Mukka Proteins announced plans to expand its Bengaluru wet waste conversion facility to a peak capacity of 1,000 tonnes per day (TPD) by December 2027. The company utilizes Black Soldier Fly (Hermetia illucens) bioconversion to process municipal organic waste into insect protein, oil, compost, and humic acid.

The facility currently operates at an intake of 200 TPD. Mukka Proteins expects to reach 400 TPD by March 2027 before scaling gradually to the final target. This expansion complements the company’s existing animal nutrition manufacturing footprint, which includes over 2,91,720 MTPA of conventional marine protein and oil processing capacity across India and Oman.

Processing Efficiency & Output

The bioconversion process achieves an 80% mass reduction of raw organic waste within a 10 to 14-day cycle. The facility transforms urban waste into four primary revenue streams:

• Insect Protein Meal: Contains >50% crude protein for aquafeed and poultry.
• Insect Oil: Rich in medium-chain triglycerides for animal nutrition and oleochemicals.
• Frass Compost: Organic fertilizer enriched with natural chitin.
• Humic Acid: Bio-stimulants for crop root absorption and drought resilience.

Market Context

Bengaluru generates over 4,000 metric tonnes of solid waste daily, with 50% to 60% being biodegradable wet waste. The global insect meal and lipids market is projected to exceed $3.5 billion by 2030. Meanwhile, the global agricultural bio-stimulant market is growing at an 11%+ CAGR, driven by synthetic fertilizer restrictions.

What the Numbers Show

The phased capacity ramp-up from 200 TPD to 1,000 TPD over approximately 18 months indicates a five-fold increase in processing volume. Given the stated 80% mass reduction efficiency, this expansion significantly amplifies the volume of high-value derivatives (protein and oil) relative to the input waste stream, leveraging the company’s existing export-grade certifications.

ESG Integration

The project aligns with carbon credit verification frameworks, including Verra registry standards. By diverting organic streams from anaerobic landfills to aerobic bioconversion, the facility mitigates fugitive greenhouse gas emissions while creating verifiable ESG revenue streams.