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Logistics firm Shiprocket raises Rs 200 crore in series C funding round

Investors included Silicon Valley based venture capital firm Tribe Capital

logistics | fund raising | startups in India

Press Trust of India  |  New Delhi 

logistics, truck, trnasportation
Representational image

E-commerce firm Shiprocket on Thursday said it has raised about Rs 200 crore from various investors including Silicon Valley based venture capital firm Tribe Capital in series C funding round.

The company said that it plans to utilise the fund for product development, increasing workforce and global expansion.

"With the growth in D2C (direct-to-consumer) 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. 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, Shiprocket Chief Executive Office and co-founder Saahil Goel said.

Launched in 2017, Shiprocket turned profitable in financial year 2018-19 and has an annualised revenue run rate between Rs 360-435 crore.

Shiprocket previously raised about Rs 190 crore (USD 26 million) in funding from Bertelsmann India Investments, Nirvana Venture Partners, Beenext, and 500 Startups.

"Through this round, existing funds advised by Recruit Strategic Partners, Nirvana Venture Advisors and 500 Startups were able to exit with returns between 6 to 40 times," the statement said.

(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.)

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First Published: Thu, February 18 2021. 19:28 IST