In a fresh round of fundraising, Shiprocket has secured Rs 257.34 crore, or roughly $32.6 million (based on current exchange rates). The financing increased the logistics aggregator’s worth from $940 million to about $1.3 billion, making it a unicorn firm. In 2022, Shiprocket becomes the 21st business to reach the billion-dollar mark.
“We have consistently built the experience on the three core rails that are supply chain, workflow, and deep intelligence. This investment will help accelerate our roadmap and will also help us bring world-class ecommerce experiences to every direct commerce retailer in India,” said Saahil Goel, CEO and Co-founder of Shiprocket, in a statement issued by the company.
Shiprocket offers a Software-as-a-Service platform to online sellers and Direct-to-Consumer (D2C) brands for aggregating and choosing the best logistics partner to ship their ecommerce orders. It claims to work with nearly 2.5 lakh merchants and also announced its cross-border logistics aggregation service, Shiprocket X earlier this year. The platform aggregates over 17 courier partners for its seller base.
Founded in 2017 by Saahil Goel, Gautam Kapoor and Vishesh Khurana, the company elevated its Chief Business Officer Akshay Ghulati to the post of Co-founder in 2020.
Shiprocket makes five acquisitions
Since its last round of funding, Shiprocket has made five acquisitions, including cargo shipping business Rocketbox, supply chain management solution Glaucus, marketing automation platform Wigzo, logistics aggregator Pickrr and Arvin Internet’s retail enablement business, Omuni.
Lightrock India Fund led the round, with Temasek Holdings coming in second, according to documents submitted to the Registrar of Companies. Bertelsmann, Moore Strategic Ventures, March Venture Capital, Huddle Collective, and Paypal are additional investors in the round. In a Series E2 round, 59,793 shares in total were distributed to the investors.
Publicly-listed food technology major Zomato, which had led the previous round of funding at Shiprocket in December, 2021 did not participate in the latest round. Shiprocket had raised $185 million as part of the Series E round.
