Shiprocket plans up to Rs 3.5 Cr investment in startups under accelerator programme
Logistics aggregator platformon Wednesday launched an accelerator programme, Rocket Fuel, under which it plans to invest up to Rs 3.5 crore in each startup selected in the scheme.
The startup will get customised advice to new entrepreneurs through one-on-one mentoring sessions and group learning sessions by subject matter experts covering the fundamentals of building a business under the Rocket Fuel accelerator programme.
Startups registered and enrolled in the accelerator programme will also gain access to Shiprocket’s distribution network along with guidance from the fast-growing brand’s expert resource network as required.
"Building consumer brands is hard and expensive. By bringing experienced insights and shared resources to direct to consumer brand startups, Shiprocket will significantly increase their chances of success," said Saahil Goel, Co-founder and CEO, Shiprocket.
Shiprocket said the programme is designed to help D2C (direct to consumer) startups scale up.
"We plan to invest anywhere between Rs 75 lakh to Rs 3.5 crore in the startup selected in Cohort. Funding will be a mix of credits from various companies plus cash from angel and venture capital investors. The amount is for each startup," Goel said.
In addition, the accelerator programme will also include technology startups which are enabling the D2C ecosystem, the statement said.
Launched in 2017, Shiprocket claims to be India’s largest ecommerce shipping and enablement platform for SMBs. The technology powers shipping and fulfilment for SMEs, D2C retailers, and social commerce sellers in India. Apart from being a shipping solutions provider, Shiprocket also serves as a cash on delivery payment gateway.
The company recently ventured into the fintech space with their lending product ‘Early COD’.
Today, Shiprocket is the force behind the country's 1.5 lakh sellers who generate a GMV of more than $500 million annually on the platform. The brand delivers packets to nearly 25 million consumers annually and is growing 3X year on year.
(Disclaimer: Additional background information has been added to this PTI copy for context)