Shiprocket Raises $185 Million Funding From Zomato, Temasek This transaction marks Shiprocket's third round of funding in 2021, which would bring the total funds raised to $280 million
By S Shanthi
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B2B logistics startup Shiprocket has raked in $185 million (INR 1,380 crore) Series E funding round. The round is being co-led by Zomato Ltd, Temasek and Lightrock India. New investors, Moore Strategic Ventures and 9unicorns, are also participating in this round, along with existing investors, InfoEdge Ventures and March Capital. This transaction marks Shiprocket's third round of funding in 2021, which would bring the total funds raised to $280 million.
Other notable investors in this round include some of India's leading entrepreneurs namely, Brijesh Agrawal (IndiaMART), Peyush Bansal (Lenskart), Sanil Sachar (Huddle Ventures), Varun Alagh (Mamaearth), Sameer Mehta & Aman Gupta (Boat Electronics) and Ashish Gupta (Helion Ventures).
Avendus Capital acted as the exclusive financial advisor to Shiprocket on this transaction.
Launched in 2017, Shiprocket's technology powers shipping and fulfillment for SMEs, D2C retailers, and social commerce sellers in India, across multiple categories including BPC, Apparel, Footwear, Electronics and Healthcare, among others.
Shiprocket will deploy the freshly infused capital towards aggressive core product expansion, research & development, talent acquisition, and development of a comprehensive suite of products that will help retailers deliver seamless, high-quality, post-order customer experience in line with that of large e-commerce platforms. A portion of the funds will also be directed towards the platform's new strategic initiatives, including (i) hyperlocal delivery services offering deliveries with low turnaround times (TATs), on the back of its extensive courier partnerships and growing fulfillment network and (ii) global expansion, starting with the Middle East.
Shiprocket will also actively look for inorganic expansion opportunities via M&A to further expand its stack in its endeavor to be a one-stop solution.
Saahil Goel, CEO and Co-founder, Shiprocket said in a statement, "We are excited about the vast, untapped opportunity that lies in post-purchase technology enablement in the D2C e-commerce space. Thrilled to welcome all our new partners as we gear up for our next phase of growth. This fundraise is a validation of the hard work put in by the entire Shiprocket team over the last 4 years."
"Shiprocket plugs a big hole in the e-commerce space by offering customers of direct-to-consumer brands a seamless post checkout experience, including delivery. We are excited to partner with Saahil and the team at Shiprocket as they march towards creating game-changing hyperlocal e-commerce infrastructure in the country," added Deepinder Goyal, CEO and Co-founder, Zomato.
