Shiprocket raises $11 Mn from McKinsey at flat valuation

Shiprocket has raised Rs 90.7 crore or $11 million in an extended Series E round from McKinsey through its investment arm AFOS LLC. This is the first equity funding round for the Delhi-based company this year.

The board at Shiprocket has passed a special resolution to issue 20,913 series E2 preference shares at an issue price of Rs 43,394 to raise Rs 90.7 crore or $11 million, regulatory filings with the Ministry of Corporate Affairs (MCA) show.

Following the proceeds, McKinsey through its investment arm AFOS LLC, will hold a 0.91% stake in the company. As per TheKredible’s estimates, the company has raised the new money at a flat valuation of $1.23 billion.

The company turned unicorn in August last year with a $1.23 billion valuation. Shiprocket’s unicorn round was exclusively reported by Entrackr.

Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket provides logistics and supply chain solutions to retailers which lets them integrate their shopping websites across e-comm enablers such as Shopify, Magenta, and others.

Shiprocket’s operating revenue grew around 71% to Rs 611 crore in FY22, as per startup data intelligence platform TheKredible. The firm posted a loss of Rs 93 crore in FY22 against a profit of Rs 12.4 crore during FY21. It’s yet to report FY23 numbers.

Shiprocket is a market leader in its space followed by its direct peers including NimbusPosts, iThink, Shipway, ShipEase, and Shipyard. Last year, Shiprocket acquired a majority stake in Pickrr, an e-commerce SaaS platform for D2C brands and SME e-tailers, for $200 million.

Also Read: NimbusPost claims Rs 116 Cr revenue in FY23, Rs 350 Cr ARR

As of the Series E round, Bertelsmann was the largest stakeholder in the company with more than 25% holding. Zomato holds a 5% stake in the firm. To see the complete shareholding, head to TheKredible.

While McKinsey’s direct investments in Indian startups couldn’t be ascertained, the consulting giant’s partners and directors have backed homegrown startups like Bombay Shaving Company and self drive car rental startup Revv.