[Funding alert] Shiprocket raises $13M in Series C from Tribe Capital, Innoven Capital, BII
Shiprocket, a tech-enabled logistics aggregator for D2C sellers, has announced its Series C funding round of $13 million (Rs 100 crore). The round was led by Tribe Capital, a Silicon Valley-based investment firm, along with Innoven Capital and existing investor Bertelsmann India Investments.
Arjun Sethi, Co-founder, Tribe Capital, said,
“We invested in Shiprocket because they empower small and medium businesses that truly represent the heart and soul of any emerging economy. Today, the SME segment lacks capital finance and credit, infrastructure, technology, and marketing strategies. Shiprocket has enabled these businesses to grow at a time of emerging competition enabled by mobile internet and corporations."
The latest capital infusion brings Shiprocket’s total funding to $26 million. The investment will be used by the Delhi-based startup to fuel its aggressive product development roadmap, which includes hiring top talent across the data science and engineering domains. The funds will also be focussed on the company’s new initiatives, including its international expansions, the company said.
As part of the agreement, Arjun Sethi from Tribe Capital will join Shiprocket’s Board of Directors.
Saahil Goel, CEO and Co-founder, Shiprocket, said,
“This additional capital will allow us to accelerate our strategic goals and product development endeavors by hiring top talent in key areas.”
“The boom in D2C brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfillment solutions to online sellers enabling them to compete with larger brands and marketplaces,” he added.
Launched by Bigfoot Retail Solutions in 2017, Shiprocket turned profitable in FY 18-19 with an annualised revenue run rate between $25-30 million. Shiprocket claims that it processes more than two million monthly shipments, enabling more than 35,000 sellers to sell directly to their consumers across India.
The company had previously raised $13 million in funding from existing investors Bertelsmann India Investments, Nirvana Venture Partners, Beenext and 500 Startups who continue to back Shiprocket. The latest round gives nearly 30X returns in five years for Shiprocket’s angel investors who exited in this round, the firm said. Early angels in the company include angel investor Jatin Aneja and 5ideas/Superfuel run by Gaurav Kachru and Pearl Uppal.
Partnering with over 17 logistics providers, Shiprocket’s tech-enabled logistics platform connects merchants, consumers, and supply chain partners across 26,000 pin codes PAN India and 220+ countries and territories globally.
Edited by Megha Reddy