Shiprocket Bags $27 Million in Series C3 Funding Round from Tribe Capital & March Capital
E-commerce shipping solution, Shiprocket, has raised $27 million (INR 200 Crore) in Series C3 funding round. The round was co-led by Silicon Valley based VC fund, Tribe Capital and Santa Monica based VC firm March Capital. The round also saw participation from Rahul Mehta, DST Global along with existing investor Bertelsmann India Investments.
Founded in 2017 by Bigfoot Retail Solutions, Shiprocket is a tech-enabled logistics aggregation platform that drives global and domestic shipping for D2C sellers. The company has so far raised a total capital of $53 million.
Saahil Goel, CEO & Co-founder, Shiprocket said, “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!”
Based in Gurugram, Shiprocket works with over 100,000 merchants and processes around 4 million shipments monthly and services around 26,000 PIN codes in India. According to reports, the company turned profitable in FY19 and today is at an annualised revenue run rate of $50-60 million.
“We already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform including 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,” added Saahil.
In a statement, the company mentioned that the fresh capital will be utilized for 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.
Speaking about the investment, 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”.
Founded in 2017 by Bigfoot Retail Solutions, Shiprocket is a tech-enabled logistics aggregation platform that drives global and domestic shipping for D2C sellers. The company has so far raised a total capital of $53 million.
Saahil Goel, CEO & Co-founder, Shiprocket said, “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!”
Based in Gurugram, Shiprocket works with over 100,000 merchants and processes around 4 million shipments monthly and services around 26,000 PIN codes in India. According to reports, the company turned profitable in FY19 and today is at an annualised revenue run rate of $50-60 million.
“We already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform including 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,” added Saahil.
In a statement, the company mentioned that the fresh capital will be utilized for 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.
Speaking about the investment, 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”.
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