[Funding alert]: Shiprocket announces $185M Series E round co-led by Zomato, Lightrock and Temasek

E-commerce shipping and enablement platform Shiprocket has raised $185 million in a Series E round of funding led by Zomato, Temasek Holdings and Lightrock. The round also saw participation from Moore Strategic Ventures, 9Unicorns, InfoEdge Ventures and March Capital.

Previously, Zomato had announced investing $75 million in Shiprocket as part of its move to invest $1 billion across Indian startups over the next two years. The round takes the total capital raised by Shirprocket to $280 million, according to a statement. 

Other individual investors in the round include Brijesh Agrawal of IndiaMart; Lenskart CEO Peyush Bansal; Sanil Sachar of Huddle Ventures; Varun Alagh Co-Founder of Mamaearth; Co-Founders of Boat Electronics Sameer Mehta and Aman Gupta and Co-Founder of Helion Ventures, Ashish Gupta. 

“We are on track to launch hyperlocal delivery options which will guarantee low TAT (Turn-around-time) and best in class SLAs (Service Level Agreements), further cementing our position as the preferred shipping and enablement partner. With the launch of our services in the Kingdom of Saudi Arabia in November 2021, we have also taken the first step towards expanding our footprint in new geographies,” said Sahil Goel, CEO and Co-Founder of Shiprocket in the statement.

The company will use the capital for core product expansion, research and development, talent acquisition and development of a comprehensive suite of products, it said in the statement. A portion of the capital will also be used for Shiprocket’s new strategic initiatives including hyperlocal delivery services and global expansion, starting with the Middle East. 

The company will also be evaluating inorganic expansion opportunities.

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How logistics startup Shiprocket is managing to fulfil 3M shipments every month

Founded in 2017 by Saahil, Gautam Kapoor, and Vishesh Khurana, the Delhi-headquartered company helps SMBs with a platform for shipping their online orders. It has a network of over 17 courier partners and enables delivery across 29,000 pin codes in India and 220 countries. 

Avendus Capital acted as the exclusive financial advisor to Shiprocket on this transaction.