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SaaS logistics platform Shiprocket has reportedly raised close to $11 million in an extended Series E funding round led by McKinsey through its investment arm AFOS LLC.
According to a report by Entrackr, citing the company's regulatory filings, the Shiprocket board has approved a special resolution to issue 20,913 Series E2 preference shares at an issue price of Rs 43,394, thereby raising Rs 90.7 crore or $11 million.
The report also noted that this investment will convert AFOS LLC's stake to 0.91% in the company.
Shiprocket unicorn round
In August of the previous year, Shiprocket achieved unicorn status in India, becoming the 106th startup to do so, after raising around $32 million in funding from existing investors, such as Singapore's Temasek and Lightrock India, at a valuation of approximately $1.2-1.3 billion.
Prior to that, Shiprocket raised $185 Mn in a round co-led by Zomato, Temasek and Lightrock India. Following the $185 million round, the company acquired Omuni, Pickrr Technologies, Glaucus Supply Chain Solutions, Rocketbox. and Wigzo Technologies.
What does Shiprocket do?
Founded in 2017 by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket provides logistics and supply chain solutions to retailers and allows them to integrate their shopping websites across e-commerce enablers such as Shopify, Magenta, and others.
In FY22, Shiprocket recorded a net loss of Rs 93.1 crore, compared to a profit of Rs 12.4 crore in the prior fiscal year. Although its operating revenue increased to Rs 611 crore from Rs 358 crore in the previous year, total expenses also surged to Rs 727.8 crore from Rs 350.6 crore in FY21.
Shiprocket's recent partnership
Last month, Shiprocket partnered with India Post to enhance e-commerce exports by leveraging India Post’s extensive presence and reliable shipping solutions.
Last year, The company partnered with Bengaluru-based Klub, a revenue-based financing platform to enable merchants to access a cohort of capital products that Klub offers, which can go up to Rs 30 crore for a tenure of up to 24 months for brands across every stage of growth.
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