According to the most recent regulatory documents obtained from business intelligence platform Tofler, logistics aggregator Shiprocket has approved a Rs 259 crore ($32 million) fundraising round from existing investors Singapore’s Temasek and Lightrock India.
This raises its estimated value to $1.3 billion, making it the newest member of this year’s unicorn club. Startups with a $1 billion or higher valuation are known as unicorns. After funding $185 million in a round led by food delivery service Zomato, Temasek, and Lightrock in December, Shiprocket was valued at $900-$950 million.
The fresh funding comes at a time when the company has been on an acquisition spree.
According to the records, Temasek’s stock would rise to 5.75% with the most recent investment, while Lightrock’s stake will reach 4.79%.
Bertelsmann India, March Capital Partners, Moore Strategic Ventures, Huddle Collective, and Paypal are additional investors in the current round. The new capital comes at a time when the business has been actively pursuing acquisitions.
On June 15, ET reported that Shiprocket had agreed to a deal with Shiplyte and had purchased a controlling stake in rival Pickrr for roughly $200 million. In July, it also paid Rs 200 crore in cash and equity to purchase Omuni, the omni-channel technology division of garment producer and retailer Arvind Ltd.
Players in the logistics industry are concentrating more and more on one- to two-day deliveries. Direct-to-consumer (D2C) brands typically struggle with timely product delivery
