New Delhi-based ecommerce shipping and enablement platform Shiprocket has raised $185 million in a Series E funding round led by foodtech major Zomato, Lightrock, and Temasek Holdings.
The round also saw participation from Moore Strategic Ventures, 9Unicorns, InfoEdge Ventures, and March Capital. Other individual investors, including Brijesh Agrawal (IndiaMART); Peyush Bansal (Lenskart); Sanil Sachar (Huddle Ventures); Varun Alagh (Co-Founder of Mamaearth); Sameer Mehta and Aman Gupta (Co-Founders of Boat Electronics); and Ashish Gupta (Co-Founder of Helion Ventures), also participated.
The announcement comes after Zomato had announced investing $75 million in Shiprocket as part of its move to invest $1 billion across India-based startups over the next two years.
Following the current round of funding, Shiprocket has raised over $280 million in its funding rounds, according to a statement. Previously, the startup had raised $41 million in its Series D round from Tribe Capital, Razorpay, PayPal Ventures, March Capital, among others.
Founded in 2017 by Gautam Kapoor, Saahil Goel, and Vishesh Khurana, Shiprocket (BigFoot Retail Solutions Pvt. Ltd.) offers automated shipping solutions software to online retailers.
With this round of funding, Shiprocket will focus on core product expansion, research & development, talent acquisition, and the development of a comprehensive suite of its products.
Additionally, some part of raised funds will also be used for Shiprocket’s new strategic initiatives including hyperlocal delivery services and global expansion, starting with the Middle East, the company stated.
“We are on track to launch hyperlocal delivery options which will guarantee low TAT (Turn-around-time) and best in class SLAs (Service Level Agreements), further cementing our position as the preferred shipping and enablement partner," said Sahil Goel, CEO and Co-Founder of Shiprocket in the statement.
"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," he adds.
Avendus Capital acted as the exclusive financial advisor to Shiprocket on this transaction, the statement added.
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