Shiprocket inks pacts for $185 million Series E funding co-led by Zomato and others
In the third round of funding in 2021, by a logistics technology platform, Shiprocket has signed a definitive agreement for a $185 million (Rs 1,380 crore) Series E funding round, co-led by Zomato, Temasek, and Lightrock India.
The move comes at a time when quick commerce expansion is prompting companies to bolster their logistics ambitions.
This makes Shiprocket’s total funds raised to $280 million. This is said to be Zomato’s first big-ticket investment after getting listed. The company is expected to diversify its bet in the logistics space with this investment.
In India, quick commerce, which is defined as the delivery of items under 45 minutes at a nominal charge, is expected to grow by 10-15 times over the next five years to become a $5 billion market by 2025, consulting firm RedSeer had said.
Shiprocket focuses on providing Amazon Prime-like shipping experiences for sellers and consumers across India in direct-to-consumer e-commerce.
“We are excited about the vast, untapped opportunity that lies in post-purchase technology enablement in the D2C e-commerce space. This fundraise is a validation of the hard work put in by the entire Shiprocket team over the last 4 years,” said Saahil Goel, CEO, and Co-founder, Shiprocket.
New investors, Moore Strategic Ventures and 9unicorns, are also participating in this round, along with existing investors, InfoEdge Ventures and March Capital.
Shiprocket said it will deploy fresh funds towards aggressive core product expansion, research and development, talent acquisition, and development of a comprehensive suite of products for retailers.
“With the launch of our services in the Kingdom of Saudi Arabia in November 2021, we have also taken the first step towards expanding our footprint in new geographies,” said Goel.
“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,” said Deepinder Goyal, CEO, and Co-founder, Zomato.
In July, the company raised $41.3 million (Rs.305 crore) as part of its Series D1 funding round. The funding was co-led by Paypal’s corporate venture capital arm PayPal Ventures, Info Edge Ventures along with existing investor Bertelsmann.
In February, Shiprocket raised $27 million (Rs.200 crore) in an extended Series C round of funding co-led by returning investor Tribe Capital and new backer March Capital.
Launched in 2017, Shiprocket is the fastest company to become profitable in 24 months while also doubling its ARR (annual run rate) over the last 6 months.
Shiprocket also provides a technology stack to help retailers integrate their shopping websites on Shopify, Magento, WooCommerce, Zoho, and others for workflow, inventory, and order management.
[With Inputs from IANS]
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