Technology-led logistics aggregator Shiprocket raises USD 13 million in series C funding
New Delhi: Delhi-based Shiprocket, a technology-led logistics aggregator, has raised USD 13 million in series C funding led by Silicon Valley’s Tribe Capital LLC.
Innoven Capital and current investor Bertelsmann India also participated in this round of investment. Thus, the company has raised USD 26 million so far, the company said in a statement.
Shiprocket works with direct to consumer sellers and also with a number of social media influencers.
"The investment will be used to fuel Shiprocket's aggressive product development roadmap which includes hiring top talent across data science and engineering domains. The funds will also be focused on the company's new initiatives including its international expansions," it added.
With this investment round, Arjun Sethi of Tribe Capital LLC will join Shiprocket's board. Shiprocket was launched by Bigfoot Retail Solutions in 2017. The venture became profitable in 2018-19.
"The boom in D2C (Direct to Consumer) brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfillment solutions to online sellers enabling them to compete with larger brands and marketplaces," said Saahil Goel, CEO and co-founder of he company.
This new investment will let Shiprocket to accelerate its product development endeavours by hiring best personnel in various key areas.
Shiprocket has an annualised revenue run rate between USD 25-30 million.
Shiprocket processes about 20 lakh monthly shipments that enables about 35,000 sellers to sell directly to their customers in India.
Shiprocket has earlier raised USD 13 million from Bertelsmann India Investments, Nirvana Venture Partners, Beenext and 500 startups. All these continue to back Shiprocket even after this latest round.
This latest round of investment gave 30-times returns in five years for Shiprocket's angel investors who exited in this round. Early angels in the company included Jatin Aneja and 5ideas/Superfuel.