Indian e-com aggregator platform Shiprocket raises ₹305 cr

13 Jul '21

2 min read

Pic: Shiprocket

New Delhi-based Shiprocket recently said it has raised $41.3 million (about ₹305 crore) in series D1 funding co-led by PayPal Ventures, the corporate venture capital arm of PayPal. This brings the e-commerce aggregation platform’s total funding to $94.3 million. The company plans to use the funds for product development, research, market expansion and growth.

The funding round also saw participation from strategic partners, such as Razorpay and Innoven Capital, and entrepreneurs including Cred founder Kunal Shah and Zomato founder Deepinder Goyal.

Direct-to-consumer (D2C) commerce forms roughly 15 per cent of the overall e-commerce market in India and this is projected to grow to 30-35 per cent in the next five years.

“Shiprocket is democratising best-in-class experiences for hundreds of thousands of eCommerce brands that are shipping millions of items per month through our platform today,” Saahil Goel, chief executive officer and co-founder of the company, was quoted as saying by Indian media reports.

A part of the funds will also be directed towards the platform’s new strategic initiatives, including global expansion starting with the Middle East, the company said.

Existing investors Bertelsmann India Investments and Info Edge Ventures, March Capital and Tribe Capital also participated in the round.

Over 100,000 online sellers in India are using Shiprocket to streamline their post-checkout process, starting from logistics to warehousing.

Founded in 2017, Shiprocket became profitable in fiscal 2018-19 and is on track to close this financial year at $100 million in annual recurring revenue. It currently processes more than 5 million monthly shipments.

Fibre2Fashion News Desk (DS)

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