Indian Logistics Startup Shiprocket Raises US$13M Series C

Shiprocket

Shiprocket in talks with potential partners in Middle East and Southeast Asia for global expansion

Shiprocket, an Indian tech-enabled logistics aggregator for direct-to-consumer (D2C) sellers, has raised USD$13 million in a Series C funding round led by Silicon Valley-based Tribe Capital, the company announced on Monday.

The company raised debt funding from Innoven Capital, while existing investor Bertelsmann India Investments also participated in the current round of financing, according to the statement.

With the latest raise, Shiprocket’s total funding now stands at $26 million. The startup had previously raised US$13 million in funding from Bertelsmann, Nirvana Venture Partners, Beenext, and 500 Startups.

Early angels who backed the company include Jatin Aneja and 5ideas/Superfuel run by Gaurav Kachru and Pearl Uppal. The latest round gave Shiprocket’s angel investors who exited in this round nearly 30X returns in five years, according to the statement.

The new capital will be used for product development, including acquisition of talent across the data science and engineering domains, the company said.

“The company aims to expand into global markets sometime over the next 12-18 months, so right now we are actively speaking with potential partners in the Middle East and South East Asia as part of the discovery process. We will have a roadmap in 6-8 months,” Shiprocket CEO and Co-founder Saahil Goel told Jumpstart.

As part of the agreement, Co-founder and Partner at Tribe Capital, Arjun Sethi will join Shiprocket’s Board of Directors.

Launched by Bigfoot Retail Solutions in 2017, Shiprocket has partnered with over 17 logistics providers, and its platform connects merchants, consumers and supply chain partners across 26000 pin codes across India and more than 220 countries and territories globally, according to the statement.

Shiprocket says they became profitable in FY 2018-19 with an annualized revenue run rate between $25-$30 million. The startup claims to process more than 2 million monthly shipments, and enables over 35,000 sellers to sell directly to their consumers across India.

“As a truly disruptive platform, Shiprocket has offered numerous SMEs a cost-effective and world-class solution for e-commerce shipping,” Goel said.

“We invested in Shiprocket because they empower the small to medium businesses that truly represent the heart and soul of any emerging economy. Today, the SME segment lacks capital finance and credit, infrastructure, technology, and marketing strategies. Shiprocket has enabled these businesses to grow at a time of emerging competition enabled by mobile internet and corporations,” Sethi added.

Header Image Courtesy of Shiprocket

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email
Monika Ghosh
Monika Ghosh is a Staff Writer at Jumpstart

RELATED POSTS

Major Types of Influencer Marketing

Major Types of Influencer Marketing

Influencer marketing is the shiny new gem in the crown jewels of digital marketing. We have previously discussed the differences between traditional and influencer marketing, as well as the latter’s advantages in the ever-evolving digital landscape.

Squid Game

Squid Game and Its Lessons on Entrepreneurship

With the massive media buzz the South Korean series “Squid Game” has been getting, you would have to live under a rock to not know about it. It is so popular that a South Korean broadband firm has sued Netflix over the surge in network traffic.

What Is Biotechnology

What Is Biotechnology and How to Start a Biotech Company?

To say that Covid has been a biological nightmare for the world is an understatement. In a bid to wake up from it, companies and investors have turned their attention to science, medicine and innovation—or simply, biotechnology. With vaccines and cures becoming the need of the hour, BioTech rose like never before.

Netflix

Netflix Forays into Video Games with Night School Studio Acquisition

On September 28, 2021, streaming service Netflix announced its first game-related acquisition: Night School Studio. The studio is best known for its game “Oxenfree”, which is a supernatural teen thriller. In a bid to diversify its offerings, Netflix has also released five mobile-friendly video games in Europe (i.e. Spain, Italy and Poland).

Chloe NFT

Side-eyeing Chloe NFT Sold for US$76,377.50

In 2013, the then two-year-old Chloe Clems went viral as her hilarious side-eyeing expression made her into a beloved internet meme. In her meme avatar, little Chloe has ruled over the hearts of many a Twitter and Reddit enthusiast and has been dubbed the “Patron saint of Tumblr” by Buzzfeed.

What Are the Threats of Using Social Media

What Are the Threats of Using Social Media?

Social media has become a part of our everyday lives. As of September 2021, the largest social media platform Facebook has over 2.89 billion active users monthly. With people across the world relying heavily on social media platforms, it is expected that some of them would exploit these platforms for negative purposes as well.