Shiprocket is a New Delhi-based e-commerce shipping platform that enables cost-effective shipping operations for Direct to Consumer Retailers. Recently, the start-up has announced to have raised funding worth USD 27 million in its latest Series C3 financing round.
According to multiple reports, it has been confirmed that the funding round was led by two investors namely; Tribe Capital and March Capital.
Tribe Capital is a California-based early-stage venture capital firm and March Capital is a Santa Monica based Venture Capital firm. According to the company profile on Crunchbase, Rahul Mehta- a partner at DST Global and Bertelsmann India Investments, a Netherlands-based strategic investment arm are also known to have participated in the company’s Series C3 financing round.
Having said that, when asked about the company’s plans with this investment, Shiprocket mentioned utilising these funds to fuel the company’s product development portfolio which is already operating at an aggressive pace, as mentioned in a report by Business Standard. Furthermore, the company says product development includes hiring top talent across several categories to perform engineering, product and data functions. The report mentions that the company is looking out for global expansion and to inculcate newer strategic initiatives as well.
Founded back in 2017 by Akshay Gulati, Vishesh Khurana, Saahil Goel and Gautam Kapoor, Shiprocket is an e-commerce shipping platform that aids Direct to Consumer retailers with cost-effective shipping. The company leverages powerful machine learning capabilities that provide recommendations for a business and chooses all shipping particulars including shipping labels, courier company, print shipping, order tracking, so on and so forth. The start-up enables businesses to manage their shipping and returns in a simple and seamless manner.
The company claims to be processing more than 4 million shipments per month and helping over one lakh retailers in selling directly to consumers across the country.
As mentioned in a report by Business Standard,
Rajan Mehra, Partner at March Capital commented that Shiprocket has simplified the post-purchase experience for retailers and millions of buyers in India. He also added that March Capital is excited by the company’s plans for the future of the e-commerce industry in India.
Furthermore, according to the company’s Crunchbase profile, it is mentioned that Shiprocket has raised total funding worth USD 53.4 million in over 6 financing rounds.
The Delhi-based shipping company currently has 12 investors which include InnoVen Capital, Republic Labs, Gaingels and others as mentioned before. E-commerce is a booming sector in the Indian marketspace and this has been proven time and again with the increasing number of domestic as well as global investments in this sector.