Companies

Shiprocket raised ₹200 crore funding

Our Bureau Mumbai | Updated on February 18, 2021

Investment to fuel company’s product development roadmap

Shiprocket, a New Delhi-based e-commerce shipping platform, has raised ₹200 crore ($27 million) in Series C3 funding, co-led by Tribe Capital and March Capital. This infusion takes the company’s total funding to $53 million.

The investment will be used to fuel Shiprocket’s product development roadmap, including hiring across product, data, and engineering functions. The funds will also focus on the company’s new strategic initiatives, including expanding globally, it said in a statement.

Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments. Tribe Capital is a Silicon Valley-based venture capital firm, and March Capital is a Santa Monica-based venture growth firm.

“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 direct-to-consumer (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.

“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.

Shiprocket had previously raised $26 million in funding from Bertelsmann India Investments, Nirvana Venture Partners, Beenext and 500 Startups.

Launched in 2017, Shiprocket turned profitable in FY 18-19 and has an annualised revenue run rate of $50-60 million. Shiprocket currently processes more than 4 million monthly shipments, enabling more than 1 lakh sellers to sell directly to their consumers across India.

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Published on February 18, 2021
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