Shiprocket, an e-commerce shipping platform that enables fast and cost-effective shipping for D2C (direct to consumer) retailers has raised $27 million in Series C3 funding. The 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. Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments.
The latest infusion of capital brings Delhi-based Shiprocket’s total funding to $53 million. The investment will fuel Shiprocket’s 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.
“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,” 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.”
Launched in 2017, Shiprocket said it turned profitable in FY18-19 and has an annualised revenue run rate between $50-60 million. It processes more than 4 million monthly shipments, enabling more than 100,000 sellers to sell directly to their consumers across India.
“E-commerce growth is being led by D2C brands, and Shiprocket's solutions help enable their growth,” said Rajan Mehra, partner, March Capital. “Shiprocket has simplified the post-purchase experience for thousands of sellers and millions of buyers, and we are excited by their plans for the future of e-commerce.”
Shiprocket previously raised $26 million in funding from Bertelsmann India Investments, Nirvana Venture Partners, Beenext, and 500 Startups.
“The fundraise will help Shiprocket build an exceptional post-purchase experience for the company’s 100,000 merchants,” said Pankaj Makkar, managing director, Bertelsmann India Investments. “We continue to support the company to build world-class technology platform for India and eventually the world," he said.
The Series C financing caps an extraordinary 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 26,000 pin codes in the country.