[the_ad id="83613"]

Shiprocket raises $7.5 Mn in extended Series C round at a valuation of $148 Mn


Logistics aggregator for D2C sellers Shiprocket is raising more funds in its Series C round from March Capital and existing backer Tribe Capital LLC.

Tribe had led the $13 million round in the Delhi-based startup in May this year. The last round had also given nearly 30X returns in five years for Shiprocket’s angel investors such as Jatin Aneja, Gaurav Kachru and Pearl Uppal.

Shiprocket will allot 81,395 Series C3 CCPS at an issue price of Rs 6802.93 per share to raise Rs 55.4 crore or $7.5 million from the two investors, regulatory filings show. While March Capital will invest Rs 29.53 crore, Tribe Capital will pick up shares worth Rs 25.84 crore in the fresh tranche.

Shiprocket’s total funding till date is now estimated at $33.5 million from the likes of Bertelsmann, Nirvana Venture Partners, Beenext, 500 Startups and others. According to Fintrackr’s estimates, the post-money valuation of Shiprocket is now at Rs 1,090 crore or $148.5 million.

Following the latest investment, the promoters’ — Goel, Kapoor and Khurana — equity has been diluted to 16.8%. Tribe Capital and March Capital have increased their respective stakes to 21.12% and 5.27%. 

Launched by Saahil Goel, Gautam Kapoor and Vishesh Khurana, Shiprocket provides technology stack to help retailers integrate their shopping websites on e-commerce portals for workflow, inventory and order management. The three four-year-old company connects merchants, consumers and supply chain partners across 27,000 pin codes in India and 220 additional countries. 

Gillette, Mamaearth, Bira 91, The Beer Cafe, Aakash Institute are some of the notable brands that use Shiprocket’s service.

In May, Shiprocket claimed to have over 1.5 lakh sellers on the platform and had driven a GMV of more than $120 million. According to a recent report, Shiprocket’s revenue for FY20 was recorded at Rs 165 crore and the company is expecting to post around Rs 420 crore in FY21.

ShipDroid, Shyplite, Shipstation, Shippo and a few others are direct competitors of Shiprocket.

About Author

Send Suggestions or Tips