[Funding alert] Shiprocket raises $27M in Series C from Tribe Capital and March Capital
Shiprocket, a tech-enabled logistics aggregator for D2C sellers, has announced on Thursday that it has raised $27 million (INR 200 Crore) in Series C3 funding round.
The round was co-led by Tribe Capital, a leading Silicon Valley-based venture capital firm, along with March Capital, a Santa Monica-based venture growth firm. Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments.
Speaking about the new development, Saahil Goel, CEO and Co-founder, Shiprocket said,
“Shiprocket is the first and the largest D2C shipping enabler in India today. With the growth in D2C as a share of overall eCommerce, there is a growing opportunity to enable the full-stack of services in the post-purchase journey of the D2C consumer. We are excited with the promise the coming years hold for this market and are delighted to be partnering with the smartest capital in the industry along this journey!”
“We already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform including storage, pick, pack and dispatch. Further, we want to invest in building world-class consumer experiences, as well as helping merchants grow their business with allied services in the coming years,” he added.
The latest capital infusion brings Shiprocket’s total funding to $53 million. The investment will be used by the Delhi-based startup for its product development roadmap, which includes hiring top talent across product, data, and engineering functions. The funds will also focus on the company’s new strategic initiatives, including expanding globally, the company said.
Commenting on the investment, Rajan Mehra, Partner, March Capital said,
“E-commerce growth is being led by D2C brands, and Shiprocket's solutions help enable their growth. Shiprocket has simplified the post-purchase experience for thousands of sellers and millions of buyers, and we are excited by their plans for the future of e-commerce”.
“We are excited with the recent fundraise by the company which will help Shiprocket build an exceptional post-purchase experience for the company’s 100k merchants. We continue to participate in the fundraise and to support the company to build world-class technology platform for India and eventually the world,” added Pankaj Makkar, Managing Director, Bertelsmann India Investments.
Launched by Bigfoot Retail Solutions in 2017, Shiprocket turned profitable in FY 18-19 and has an annualised revenue run rate between USD $50-60 million. Shiprocket claims that it processes more than four million monthly shipments, enabling more than 100,000 sellers to sell directly to their consumers across India.
The company had previously raised $26 million in funding from from existing investors Bertelsmann India Investments, Nirvana Venture Partners, Beenext and 500 Startups, who continue to back Shiprocket.
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 to create delightful shipping experiences.
Edited by Anju Narayanan