E-commerce logistics firm Shiprocket said on Friday it has signed definitive agreements for a USD 185 million (Rs 1,380 crore) Series E funding round, which is being co-led by Zomato, Temasek and Lightrock India.
The freshly infused capital would be deployed towards core product expansion, research and development, talent acquisition, and development of a comprehensive suite of products, among others, Shiprocket said in a release. Besides new investors, Moore Strategic Ventures and 9unicorns, are also participating in this round, along with existing investors, InfoEdge Ventures and March Capital, the company said in a release.
Other notable investors in this round include some of the leading domestic entrepreneurs such ad Brijesh Agrawal (IndiaMART), Peyush Bansal (Lenskart), Sanil Sachar (Huddle Ventures), Varun Alagh (Mamaearth), Sameer Mehta and Aman Gupta (Boat Electronics) and Ashish Gupta (Helion Ventures), the platform said. This is the third round of funding in 2021, Shiprocket said, adding this would bring the total capital raised to USD 280 million, it stated.
We are excited about the vast, untapped opportunity that lies in post-purchase technology enablement in the D2C e-commerce space. Thrilled to welcome all our new partners as we gear up for our next phase of growth, said Saahil Goel, CEO and Co-founder, Shiprocket. He further added, We are on track to launch hyperlocal delivery options which will guarantee low TAT and best in class Service Level Agreements (SLAs) further cementing our position as the preferred shipping and enablement partner.
With the launch of our services in the Kingdom of Saudi Arabia in November 2021, we have also taken the first step towards expanding our footprint in new geographies, Goel added. Shiprocket said the investment will help it further accelerate its aim to democratize e-commerce fulfillment for the fast-growing D2C retailer segment. Shiprocket will deploy the freshly infused capital towards aggressive core product expansion, research and development, talent acquisition, and development of a comprehensive suite of products that will help retailers deliver seamless, post-order customer experience in line with that of large e-commerce platforms, it stated.
A portion of the funds will also be utilized towards the platform’s new strategic initiatives, including hyperlocal delivery services and global expansion, starting with the Middle East, the platform said. Shiprocket will also actively look for inorganic expansion opportunities via M&A to further expand its stack in its endeavour to be a one-stop solution, it said.
Started in 2017, the platform achieved profitability within 24 months of the launch while also doubling its ARR over the last 6 months, according to the release. Shiprocket’s technology powers shipping and fulfillment for SMEs, D2C retailers, and social commerce sellers in India, across multiple categories including BPC, apparel, footwear, electronics and healthcare, among others.
Deepinder Goyal, CEO and Co-founder, Zomato Ltd said, We are excited to partner with Saahil and the team at Shiprocket as they march towards creating game-changing hyperlocal e-commerce infrastructure in the country. With over 17 courier partners on board, Shiprocket has presence in both domestic and international markets, offering shipping solutions across over 29,000 pin codes within India and 220 countries across the world.