Shiprocket raises $41.3 million from Paypal, Info Edge Venture, and others
A part of the funds will also be directed towards the platform’s new strategic initiatives, including global expansion starting with the middle-east.
E-commerce logistics firm Shiprocket on Thursday said it has raised $41.3 million ( ₹305 crore) in series D1 funding from a host of investors co-led by Paypal, Info Edge Venture, and Temasek Holdings. The latest round of capital infusion in the company will be utilised for product expansion and research and development (R&D), talent acquisition, as well as, into adjacent product development, Shiprocket said in a release.
A part of the funds will also be directed towards the platform's new strategic initiatives, including global expansion starting with the middle-east, it said. The fresh capital will also help the company in further accelerating its mission to democratise e-commerce fulfillment for the fast-growing D2C retailer segment, said the release.
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Other existing investors March Capital, and Tribe Capital also took part in the round, which also saw participation from strategic partners, such as Razorpay and Innoven Capital, and entrepreneurs such as Cred founder Kunal Shah and Zomato founder Deepinder Goyal, Shiprocket said.
Saahil Goel, Co-founder, and CEO, Shiprocket said, “We wish to extend a very warm welcome to PayPal Ventures and Info Edge Ventures and thank them for joining us on this journey along with our existing investors.” “The D2C (Direct-to-Consumer) commerce forms roughly 15% of the overall e-commerce market in India. This is projected to grow to 30-35% in the next five years. Shiprocket is democratising best-in-class experiences for hundreds of thousands of e-commerce brands that are shipping millions of items per month through our platform today,” he said.
Goel said that there are abundant potential and opportunities available for technology enablers like Shiprocket in this vast, untapped market, adding that the future lies in enabling the entire stack of solutions for the post-purchase leg for D2C e-commerce transactions.
“Shiprocket has excelled by focusing on building products that solve major logistical problems for businesses as they scale, much like PayPal has supported merchants with payments,” said Marc Donnadieu, Director, PayPal Ventures.
Launched in 2017, Shiprocket's offerings include using machine learning algorithms to accurately predict delivery dates, helping merchants seamlessly choose across various courier partners, printing labels, and proactively share tracking updates with buyers, among others.
Pankaj Makkar, Managing Director, Bertelsmann India Investments said, “We look forward to having like-minded partners like Info Edge and PayPal join our cap-table and support Shiprocket in its mission.”
Stating that over 100,000 online sellers in the country at present use Shiprocket to streamline their post-checkout process, starting from logistics to warehousing to COD management, Kitty Agarwal, Partner, Info Edge Ventures said, “We are very excited to partner with them as they enter their next phase of growth and further ease operations and financing for their sellers.”
Partnering with over 17 logistics providers, Shiprocket's tech-enabled logistics platform connects merchants, consumers, and supply chain partners across 29,000 pin codes pan- India and over 220 countries and territories globally, according to the release.