Shiprocket raises $27 million in Series C3 funding
- The investment will fuel Shiprocket’s aggressive product development roadmap, including hiring top talent across product, data, and engineering functions
Bengaluru: New-Delhi-based logistics aggregation platform Shiprocket on Thursday said it has raised $27 million as part of its Series C3 funding round, co-led by Silicon Valley-based venture capital firm, Tribe Capital as well as March Capital.
Angel investor and partner at DST Global also participated in the round along with existing investor Bertelsmann India Investments.
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With the latest infusion, the total capital raised by the company since inception stands at $53 million.
According to the company, the investment will fuel Shiprocket’s aggressive product development roadmap, including hiring top talent across product, data, and engineering functions.
The funds will also focus on the company’s new strategic initiatives, including expanding globally.
“With the growth in direct-to-consumer (D2C) brands’ share of overall e-commerce, 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,” said Saahil Goel, CEO and Co-founder, Shiprocket.
Four-year-old, Shiprocket claims to have an annualized revenue run rate between $50-60 million. The platform processes more than 4 million monthly shipments and has partnered with more than 100,000 sellers to help them sell directly to their consumers across India.
“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,” said Rajan Mehra, partner, March Capital.
Currently, the company has partnered with over 17 logistics providers, with the tech-enabled logistics platform connecting merchants, consumers, and supply chain partners across 26,000 pin codes PAN India, as well as globally.
“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 100,000 merchants. We continue to participate in the fundraise and to support the company,” said Pankaj Makkar, managing director, Bertelsmann India Investments.
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First Published:18 Feb 2021, 11:50 AM IST
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