Shiprocket Raises $13 Million In Series C From Tribe Capital, Innoven Capital And Bertelsmann India Investments
The latest capital infusion brings Shiprocket’s total funding to $26 million. The investment will be used to fuel the firm's product development roadmap.
Shiprocket, a tech-enabled logistics aggregator for D2C sellers has announced its Series C round of financing to the tune of $13 Million (~Rs 100 crore). The round has been led by Tribe Capital LLC, frontrunning Silicon Valley-based investment firm along with Innoven Capital and existing investor Bertelsmann India Investments.
The latest capital infusion brings the firm's total funding to $26 million. The investment will be used to fuel Shiprocket’s product development roadmap which includes hiring top talent across the data science and engineering domains. The funds will also be focused on the company’s new initiatives including its international expansions. As part of the agreement, Arjun Sethi from Tribe Capital LLC will join Shiprocket’s Board of Directors.
“As a truly disruptive platform, Shiprocket has offered numerous SMEs a cost-effective and world-class solution for e-commerce shipping. The boom in D2C brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfillment solutions to online sellers enabling them to compete with larger brands and marketplaces” said Saahil Goel, CEO and Co-founder, Shiprocket.
“This additional capital will allow us to accelerate our strategic goals and product development endeavours by hiring top talent in key areas. We are extremely grateful to Bertelsmann India Investments for continuing to back us over the years and being supportive of our vision. We also welcome our new investors Tribe Capital LLC and Innoven Capital to the Shiprocket family.” he added.
Speaking on the investment, Arjun Sethi, Co-founder, Tribe Capital, said, “One of the reasons why the United States and emerging economies have thrived over the last 50 years has been a healthy dynamic of small to medium entrepreneurial businesses alongside consolidation and scaling corporations. We invested in Shiprocket because they empower the small to medium businesses that truly represent the heart and soul of any emerging economy. Today, the SME segment lacks capital finance and credit, infrastructure, technology, and marketing strategies. Shiprocket has enabled these businesses to grow at a time of emerging competition enabled by mobile internet and corporations."
Pankaj Makkar, Bertelsmann India Investments said, “Shiprocket is a company with strong value to consumers and great growth trajectory. It is one of the leaders in the booming Indian SME technology space and is already the backbone of the direct e-commerce market. We are very excited to deepen our ties with the exceptional management team for the next chapter in the company’s journey.”
Tarana Lalwani, Director, Innoven Capital, said, “Having been engaged with the brand’s performance for a while, we are particularly impressed to see Shiprocket’s contribution to young brands and SME’s in providing an efficient logistics platform. We are excited to partner with Shiprocket and look forward to a long-lasting relationship with the company as it continues to grow.”
Launched by Bigfoot Retail Solutions in 2017, Shiprocket turned profitable in FY 18-19 with an annualized revenue run rate between $25-30 million. Shiprocket processes more than 2 Million monthly shipments, enabling more than 35,000 sellers to sell directly to their consumers across India. Shiprocket has previously raised $13 million in funding from existing investors Bertelsmann India Investments, Nirvana Venture Partners, Beenext and 500 Startups who continue to back Shiprocket. The latest round gives nearly 30 folds returns in 5 years for Shiprocket’s angel investors who exited in this round. Early angels in the company include angel investor Jatin Aneja and 5ideas/Superfuel run by Gaurav Kachru and Pearl Uppal.
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 26000 pin codes PAN India and above 220 countries and territories globally to create delightful shipping experiences.
Around The World