Tech based logistics aggregator Shiprocket raises USD 13 million (about Rs 100 crore) in Series C funding round.
The funding was led by Tribe Capital LLC and Innoven Capital and it also saw participation from existing investor Bertelsmann India Investments.
The latest round of Shiprocket’s will make its total funding to USD 26 million.
“The investment will be used to fuel Shiprocket’s aggressive product development roadmap which includes hiring top talent across data science and engineering domains. The funds will also be focused on the company’s new initiatives including its international expansions,” it added.
As part of the agreement, Arjun Sethi from Tribe Capital LLC will join Shiprocket’s board of directors.
“The boom in D2C (Direct to Consumer) 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,” Shiprocket CEO and co-founder Saahil Goel said.
This additional capital will allow the company to accelerate its strategic goals and product development endeavours by hiring top talent in key areas, he added.
Launched by Bigfoot Retail Solutions in 2017, Shiprocket turned profitable in 2018-19 with an annualised revenue run rate between USD 25-30 million.
Shiprocket said it 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 USD 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 times returns in five years for Shiprocket’s angel investors who exited in this round, the company said.
Early angels in the company include angel investor Jatin Aneja and 5ideas/Superfuel run by Gaurav Kachru and Pearl Uppal.