Shiprocket raises $32.6M from returning investors, joins unicorn club
Logistics enablement platformhas raised Rs 257.34 crore or nearly $32.6 million (according to current exchange rates) in a new round of funding from returning investors. The round values the logistics aggregator at nearly $1.3 billion, up from $940 million, with the company joining the unicorn club.
A startup unicorn is defined as a company valued at over $1 billion. Shiprocket is the 21st company to join the billion-dollar club in 2022.
According to documents filed with the Registrar of Companies, Lightrock India Fund led the round, followed by Temasek Holdings. Other investors in the round include Bertelsmann, Moore Strategic Ventures, March Venture Capital, Huddle Collective, and Paypal. The investors were issued a total of 59,793 shares in a Series E2 round.
"We have consistently built the experience on the three core rails that are supply chain, workflow, and deep intelligence. This investment will help accelerate our roadmap and will also help us bring world-class ecommerce experiences to every direct commerce retailer in India," said Saahil Goel, CEO and Co-founder of Shiprocket, in a statement issued by the company.
Publicly-listed food technology major Zomato, which had led the previous round of funding at Shiprocket in December, 2021 did not participate in the latest round. Shiprocket had raised $185 million as part of the Series E round.
“We will continue to double down on building our fulfillment strategy, M&A, and invest in our software stack,” a spokesperson at Shiprocket told YourStory. The company did not comment on specifics on valuation or details of the round.
Founded in 2017 by Saahil Goel, Gautam Kapoor and Vishesh Khurana, the company elevated its Chief Business Officer Akshay Ghulati to the post of Co-founder in 2020.
Since its last round of funding, Shiprocket has made five acquisitions, including cargo shipping business Rocketbox, supply chain management solution Glaucus, marketing automation platform Wigzo, logistics aggregator Pickrr and Arvin Internet’s retail enablement business, Omuni.
Shiprocket offers a Software-as-a-Service platform to online sellers and Direct-to-Consumer (D2C) brands for aggregating and choosing the best logistics partner to ship their ecommerce orders. It claims to work with nearly 2.5 lakh merchants and also announced its cross-border logistics aggregation service, Shiprocket X earlier this year. The platform aggregates over 17 courier partners for its seller base.