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With the latest fundraise, Shiprocket’s total capital haul reached $53 million.
Delhi-based ecommerce logistics startup Shiprocket has raised US$27 million in its third tranche of Series C funding round, the startup announced in a press release today. The round was co-led by Silicon Valley-based Tribe Capital and venture growth firm March Capital, the statement said.
Existing investor Bartelsmann India Investments also participated in the current round of financing along with DST Global Managing Partner Rahul Mehta, the statement noted. In this round, Shiprocket investors Recruit Strategic Partners, Nirvana Venture Advisors and 500 Startups exit their investment with returns between 6x to 40x, the statement added.
Shiprocket previously raised $13 million in its first tranche of Series C round in May 2020. The round was followed by a second tranche of $7.5 million in December 2020. With the latest financing, Shiprocket’s total funding stands at $53 million, the press statement noted.
Shiprocket will utilize the fresh funds for product development, global expansion, and recruitment for data and engineering functions, the statement noted.
Founded in 2017, Shiprocket provides fast and cost-effective shipping for direct-to-customer ecommerce retailers through its tech-enabled platform. The startup gained profitability in financial year 2018-19 and claims to have an annual revenue run rate of $50-60 million.
Shiprocket currently processes over 4 million shipments every month, enabling more than 100,000 sellers across India, the statement noted. The startup has partnered with more than 17 logistics providers and services over 26,000 pin codes across India and more than 220 countries and territories globally, the statement said.
Co-founder and CEO Saahil Goel said, “With the growth in D2C as a share of overall eCommerce, there is a growing opportunity to enable the full-stack of services in the post-purchase journey of the D2C consumer.”
The startup has recently launched Shiprocket Fulfilment to extend its current platform to include storage, pick up, packaging and dispatch, Goel added.
Logistics is growing in leaps and bounds
The $215 billion logistics market in India, much like the world, was severely disrupted last year when the country went into lockdown. However, the sector got back on its feet stronger than ever within a few months.
The market is expected to continue growing at 10.7% CAGR between 2020 and 2024. The major trend driving this growth is the adoption of technology. Moreover, the government’s focus on developing infrastructure is expected to fuel the growth of the logistics sector.
Rajan Mehra, Partner, March Capital said, “Ecommerce growth is being led by D2C brands, and Shiprocket’s solutions help enable their growth. Shiprocket has simplified the post-purchase experience for thousands of sellers and millions of buyers, and we are excited by their plans for the future of ecommerce.”
Header image by RoseBox رز باکس on Unsplash