Shiprocket Raises $27 Mn In Series C3 Round
The brand aims to leverage these funds to fuel product development, continue market expansion, and accelerate overall growth
Delhi-based e-commerce shipping platform Shiprocket that enables fast and cost-effective shipping for direct-to-consumer (D2C) retailers announced on Thursday to have raised $27 million in Series C3 funding round co-led by Silicon Valley-based venture capital firm Tribe Capital, along with Santa Monica-based venture growth firm March Capital. Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments.
The investment will fuel the platform’s product development roadmap, which includes hiring top talent across product, data, and engineering functions.
“Shiprocket is the first and the largest D2C shipping enabler in India today. With the growth in D2C as a share of overall e-commerce, there is a growing opportunity to enable the full-stack of services in the post-purchase journey of the D2C consumer. We are excited with the promise the coming years hold for this market and are delighted to be partnering with the smartest capital in the industry along this journey,” shared Saahil Goel, chief executive officer, and co-founder, Shiprocket.
The funds will also focus on the company’s new strategic initiatives, including expanding globally.
The latest infusion of capital brings the company’s total funding to $53 million.
“We already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform include storage, pick, pack and dispatch. Further, we want to invest in building world-class consumer experiences, as well as helping merchants, grow their business with allied services in the coming years,” Goel added.
Shiprocket today has over 100,000 sellers and has driven a gross merchandise value (GMV) of more than $1 billion to date.
Some of the USPs of the platform include its artificial intelligence (AI)-driven recommendation engine, cost-effectiveness (with domestic and international shipping rates), time-efficiency, data-driven approach, and easy-to-use integrated ecosystem for sellers (including Shiprocket 360 and Shiprocket Social) alongside others.
This has enabled the platform to secure a year-over-year (y-o-y) growth rate of 300 per cent throughout and onboard customers irrespective of their operational/target geographies or business volume, emerging as the next-generation logistics enabler for e-commerce shipping in India, the company said.
“E-commerce 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 e-commerce,” stated Rajan Mehra, partner, March Capital.
The Series C3 financing caps a year for the logistics aggregation platform where it saw rapid business growth, key executive appointments, and numerous product launches.
Partnering with over 17 logistics providers, the company’s tech-enabled logistics platform connects merchants, consumers, and supply chain partners across 26,000 pin codes PAN India and over 220 countries and territories globally to create delightful shipping experiences.
“We are excited with the recent fundraise by the company which will help Shiprocket build an exceptional post-purchase experience for the company’s 100,000 merchants. We continue to participate in the fundraise and to support the company to build a world-class technology platform for India and eventually the world,” added Pankaj Makkar, managing director, Bertelsmann India Investments.
Launched in 2017, the establishment turned profitable in the financial year (FY) 18-19 and has annualized revenue run rate between $50-60 million and currently processes more than 4 million monthly shipments, enabling more than 100,000 sellers to sell directly to their consumers across India.
Shiprocket previously raised $26 million in funding from Bertelsmann India Investments, Nirvana Venture Partners, Beenext, and 500 Startups; these investors continue to back the company today.