Tech-enabled logistics platform Shiprocket has raised USD 41 Million (Rs 305 crore) in a funding round co-led by PayPal Ventures and existing investor Bertelsmann India Investments. Other existing investors Info Edge Ventures, March Capital, Tribe Capital and Innoven Capital also participated in the round. Shiprocket’s strategic partners like Razorpay and entrepreneurs such as Cred’s Kunal Shah and Zomato’s Deepinder Goyal have also put in capital, Mint reported. The latest capital infusion takes Shiprocket’s total funding to USD 94.3 million.
“Shiprocket’s mission, ever since its inception, has been to help merchants focus on what they do best and ease their burden by taking on the heavy lifting of supply chain automation. D2C commerce forms roughly 15% of the overall e-commerce market in India; this is projected to grow to 30-35 percent in the next five years,” Saahil Goel, CEO, and co-founder of Shiprocket told the Mint.
The D2C commerce platform said it will leverage these funds to fuel product development for both existing and new products, to invest in research and development, continue market expansion and accelerate overall growth.
Launched in 2017, the direct-to-consumer (D2C) startup that connects retailers, carriers, and consumers across national and international locations, currently has a workforce of 500 people.
Shiprocket works with MSMEs (Micro, Small & Medium Enterprises) in the e-commerce sector, catering to D2C merchants in 220 countries. It currently serves over 1-lakh sellers in association with 20 courier partners, with its shipping solutions available across over 29,000 Pincodes within India and 220 countries across the world.
Direct-to-consumer (D2C) commerce forms roughly 15 per cent of the overall e-commerce market in India and this is projected to grow to 30-35 per cent in the next five years.