You are here: Home » Companies » News
Business Standard

Logistics aggregator platform Shiprocket raises Rs 200 cr in C3 funding

The fresh funding round was co-led by Tribe Capital, a leading Silicon Valley-based venture capital firm, along with March Capital, a Santa Monica-based venture growth firm

Topics
logistics sector | logistics | Investment

IANS  |  New Delhi 

IPOs, funding
The funds will also focus on the company’s new strategic initiatives, including expanding globally.

E-commerce aggregation platform Shiprocket on Thursday announced it has raised $27 million (nearly 200 Crore) in Series C3 funding.

The company said it will use the fresh funds towards aggressive 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.

The fresh funding round was co-led by Tribe Capital, a leading Silicon Valley-based venture capital firm, along with March Capital, a Santa Monica-based venture growth firm.

"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," said Saahil Goel, CEO and Co-founder, Shiprocket.

Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments, the company said in a statement.

The latest round brings Shiprocket's total funding to $53 million.

"We already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform include storage, pick, pack and dispatch," Goel informed.

Launched in 2017, Shiprocket turned profitable in FY18-19 and has an annualised revenue run rate between $50-60 million.

Shiprocket currently processes more than 4 Million monthly shipments, enabling more than 100,000 sellers to sell directly to their consumers across India.

--IANS

na/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, February 18 2021. 09:51 IST
RECOMMENDED FOR YOU
.