Logistics Aggregator Shiprocket raises $185 million led by Zomato & Others
Zomato, Temasek, and Lightrock India lead a $185 million investment round for Shiprocket.
The company did not reveal the expected valuation following the funding round, but sources close to the situation said it would be in the range of $900-950 million.
A senior firm executive reported that Shiprocket, a logistics aggregator, has raised $185 million (Rs 1,380 crore) in a Series E fundraising round headed by Zomato, Singapore's sovereign wealth fund Temasek, and Lightrock India.
The company did not reveal the expected valuation following the funding round, but sources close to the situation said it would be in the range of $900-950 million.
The investment round included new investors Moore Strategic Ventures and 9unicorns, as well as current backers InfoEdge Ventures and March Capital.
Some of the company's early investors, staff stock option holders, ex-employees, and angel investors sold stakes for $25 million of the total $185 million capital. New investors buy shares from existing investors in a secondary share sale, and the money does not go to the company's coffers.
This is the third investment round for New Delhi-based Shiprocket this year, bringing the total funds raised to $280 million.
Zomato put in $75 million in this round, while Temasek put in $50 million and Lightrock put in $40 million. Moore Capital put in $5 million and Info Edge Ventures put in $10 million. The rest came from a variety of private investors.
Goel founded Bigfoot Retail in 2012 and switched to the current Shiprocket model in 2017. It collects demand from direct-to-consumer (D2C) businesses, micro-entrepreneurs, and small-business owners and distributes it to logistics companies like Delhivery, Ecom Express, and others.
According to Goel, the company's current annualised revenue run-rate is roughly $90-100 million. The monthly active merchant base on Shiprocket has increased to over 75,000, up from 60,000 in July. D2C brands account for a large portion of these retailers. It now has a 175,000-strong active merchant base, according to Goel.
Shiprocket plans to use the new funds to expand its primary product line, conduct research and development, hire new employees, and develop new products. A portion of the funds will also go toward the platform's new strategic initiatives, such as launching hyperlocal delivery services with short turnaround times (TATs) based on its extensive courier partnerships and expanding fulfilment network, as well as global expansion, beginning in the Middle East.
Shiprocket's operational revenue was Rs 161.2 crore in FY20, with a net profit of just over Rs 10 crore. It made a net loss of Rs 8.6 crore in FY19, despite operating revenue of over Rs 59 crore. Shiprocket parent's most recent financials for FY21 have yet to be released.
The company did not reveal the expected valuation following the funding round, but sources close to the situation said it would be in the range of $900-950 million.
A senior firm executive reported that Shiprocket, a logistics aggregator, has raised $185 million (Rs 1,380 crore) in a Series E fundraising round headed by Zomato, Singapore's sovereign wealth fund Temasek, and Lightrock India.
The company did not reveal the expected valuation following the funding round, but sources close to the situation said it would be in the range of $900-950 million.
The investment round included new investors Moore Strategic Ventures and 9unicorns, as well as current backers InfoEdge Ventures and March Capital.
Some of the company's early investors, staff stock option holders, ex-employees, and angel investors sold stakes for $25 million of the total $185 million capital. New investors buy shares from existing investors in a secondary share sale, and the money does not go to the company's coffers.
This is the third investment round for New Delhi-based Shiprocket this year, bringing the total funds raised to $280 million.
Zomato put in $75 million in this round, while Temasek put in $50 million and Lightrock put in $40 million. Moore Capital put in $5 million and Info Edge Ventures put in $10 million. The rest came from a variety of private investors.
Goel founded Bigfoot Retail in 2012 and switched to the current Shiprocket model in 2017. It collects demand from direct-to-consumer (D2C) businesses, micro-entrepreneurs, and small-business owners and distributes it to logistics companies like Delhivery, Ecom Express, and others.
According to Goel, the company's current annualised revenue run-rate is roughly $90-100 million. The monthly active merchant base on Shiprocket has increased to over 75,000, up from 60,000 in July. D2C brands account for a large portion of these retailers. It now has a 175,000-strong active merchant base, according to Goel.
Shiprocket plans to use the new funds to expand its primary product line, conduct research and development, hire new employees, and develop new products. A portion of the funds will also go toward the platform's new strategic initiatives, such as launching hyperlocal delivery services with short turnaround times (TATs) based on its extensive courier partnerships and expanding fulfilment network, as well as global expansion, beginning in the Middle East.
Shiprocket's operational revenue was Rs 161.2 crore in FY20, with a net profit of just over Rs 10 crore. It made a net loss of Rs 8.6 crore in FY19, despite operating revenue of over Rs 59 crore. Shiprocket parent's most recent financials for FY21 have yet to be released.
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