Shiprocket, a Delhi, India-based eCommerce shipping platform that enables fast and cost-effective shipping for D2C retailers has raised USD $27 million (INR 200 Crore) in Series C3 funding. The round was co-led by Tribe Capital, a leading Silicon Valley-based venture capital firm, along with March Capital, a Santa Monica-based venture growth firm. Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments.
The latest infusion of capital brings Shiprocket’s total funding to USD $53 million. The investment will fuel Shiprocket’s aggressive product development roadmap, which includes hiring top talent across product, data, and engineering functions. The funds will also focus on the company’s new strategic initiatives, including expanding globally.
“Shiprocket is the first and the largest D2C shipping enabler in India today. With the growth in D2C as a share of overall eCommerce, 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!” said Saahil Goel, CEO and Co-founder, Shiprocket.
“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,” he added.
Rajan Mehra, Partner, March Capital 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”.
Pankaj Makkar, Managing Director, Bertelsmann India Investments said, “We are excited with the recent fund raise by the company which will help Shiprocket build an exceptional post-purchase experience for the company’s 100k merchants. We continue to participate in the fundraise and to support the company to build world-class technology platform for India and eventually the world. ”
Launched in 2017, Shiprocket turned profitable in FY 18-19 and has an annualized revenue run rate between USD $50-60 million. Shiprocket 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 USD $26 million in funding from Bertelsmann India Investments, Nirvana Venture Partners, Beenext, and 500 Startups; these investors continue to back Shiprocket today.
The Series C financing caps an exceptional year for Shiprocket where it saw rapid business growth, key executive appointments, and numerous product launches. Partnering with over 17 logistics providers, Shiprocket’s tech-enabled logistics platform connects merchants, consumers, and supply chain partners across 26,000 pin codes PAN India and 220+ countries and territories globally to create delightful shipping experiences.