New Delhi, May 11 (IANS) Shiprocket, a New Delhi-based tech-enabled logistics aggregator, on Monday announced its Series C round of financing to the tune of $13 million (approximately Rs 100 crore).
The round was led by Tribe Capital LLC, a frontrunning Silicon Valley-based investment firm, along with Innoven Capital and existing investor Bertelsmann India Investments, Shiprocket said.
As part of the agreement, Arjun Sethi from Tribe Capital will join Shiprocket’s Board of Directors.
The latest capital infusion brings Shiprocket’s total funding to $26 million.
Shiprocket said the investment will be used to fuel its product development roadmap which includes hiring top talent across the data science and engineering domains.
The funds will also be focused on the company’s new initiatives including its international expansions.
“As a truly disruptive platform, Shiprocket has offered numerous SMEs a cost-effective and world-class solution for e-commerce shipping,” Saahil Goel, CEO and Co-founder, Shiprocket, said in a statement.
“The boom in D2C brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfillment solutions to online sellers enabling them to compete with larger brands and marketplaces,” Goel added.
Launched by Bigfoot Retail Solutions in 2017, Shiprocket turned profitable in FY 18-19 with an annualised revenue run rate between $25-30 million.
Shiprocket processes more than 2 million monthly shipments, enabling more than 35,000 sellers to sell directly to their consumers across India.
“We invested in Shiprocket because they empower the small to medium businesses that truly represent the heart and soul of any emerging economy,” said Arjun Sethi, Co-founder, Tribe Capital.
Partnering with over 17 logistics providers, Shiprocket’s tech-enabled logistics platform connects merchants, consumers and supply chain partners across 26,000 pin codes pan-India and over 220 countries and territories globally.