Shiprocket, an e-commerce shipping, and enablement platform has struck definitive agreements to raise $185 million (~Rs 1380 crore) in a Series E funding round led by Zomato Ltd, Temasek Holdings, and Lightrock India.
The round also saw participation from new investor Moore Strategic Ventures and 9Unicorns alongside the company’s existing investors March Capital and InfoEdge Ventures. The startup also added notable angel investors including Ashish Gupta (Helion Ventures), Brijesh Agrawal (IndiaMART), Peyush Bansal (Lenskart), Sanil Sachar (Huddle Ventures), Sameer Mehta & Aman Gupta (Boat Electronics), and Varun Alagh (Mamaearth), to its captable in this round.
Zomato has previously announced a $75 million investment in Shiprocket as part of a $1 billion investment in Indian startups within the next two years. This is Shiprocket’s third round of fundraising in 2021, which brings the total capital raised to $280 million.
Shiprocket, which is owned by BigFoot Retail Solutions Pvt. Ltd, plans to leverage the fresh funds to develop a full suite of products, invest in research and development, and attract new talents. The funds, according to the startup, will also be used toward the platform’s new strategic initiatives, which include (i) hyperlocal delivery services with short turnaround times (TATs), maximizing the platform’s extensive courier partnerships and growing fulfillment network, and (ii) global expansion, starting with the Middle East. Shiprocket will also aggressively target inorganic growth opportunities through M&A to further strengthen its stack in its mission to be a one-stop solution.
Saahil Goel, CEO, and co-founder of Shiprocket, stated that the company is on track to offer its hyperlocal delivery services, which will ensure low turnaround times. He further said that the company entered the international market last month when it introduced its services in Saudi Arabia. The company also plans to “actively” practice mergers and acquisitions in order to expand.
Shiprocket, founded in 2021 by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, is a tech-enabled logistics aggregator that facilitates global and domestic shipping for marketplace sellers and direct-to-consumer (D2C) e-commerce entities. Shiprocket enables online businesses to ship their goods and manage logistics operations. It claims 60,000 monthly active merchants with 10,000 D2C brands. Last year, the company introduced Shiprocket Fulfillment, which claims to guarantee same-day and next-day delivery to all e-commerce firms in order to reduce dependence on marketplaces.
Shiprocket also offers a technological stack to facilitate retailers in integrating workflow, inventory, and order management within their shopping websites on Shopify, Magento, WooCommerce, Zoho, among other platforms. The company claims to have become profitable within two years of starting operations in 2017. It also claims to have doubled its revenue run rate within the last six months.