- Investors including Tribe Capital, Bertelsmann India Investments, Rahul Mehta, and March Capital participated in the funding round.
- Shiprocket will use the funding for the development of its product margin and hiring talent for the company.
- The round gives an exit to some early-stage investors with six to seven times returns.
New Delhi-based logistics aggregation platform Shiprocket has raised $27 million (about Rs 196 crore) in a mix of primary and secondary capital as part of its Series C3 funding round co-led by US-based Tribe Capital and California-based March Capital.
The round also saw the participation from Bertelsmann India Investments and DST Global’s Rahul Mehta. Shiprocket will use the funding for global expansion, development for its product roadmap, and hiring talents for the company, the statement said.
The fresh funding round gives an exit to some early-stage investors in the company with high returns ranging between six to seven times, ET reported.
Prior to this round, Shiprocket had raised $13 million from Tribe Capital, InnoVen Capital, Gaingels, among others, as part of its Series C funding round. To date, The company has raised over $53 million in a total of six funding rounds, the statement added.
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.
Shiprocket has partnered with top courier suppliers including FedEx, BlueDart, Aramex, FirstFlight, Ecom Express, others. The company claims to have a network of 75,000 sellers, processing 75,000 shipments daily across 27,000 PIN codes (Postal Index Code) in the country.
Commenting on the development, Saahil Goel, said, “With the growth in D2C as a share of overall ecommerce, there is a growing opportunity to enable the full stack of services in the post-purchase journey of the D2C consumer.”
“We found all kinds of merchants getting online, whether it was small shops, D2C brands, or larger brands exploring their hands at going D2C,” he said.
Speaking on the investment, Rajan Mehra, Partner at March Capital, said, “Shiprocket has simplified post-purchase experience for thousands of sellers and millions of buyers, and we are excited by their plans for the future of e-commerce.”
The company counts Bertelsmann India Investments, Nirvana Venture Advisors, BEENEXT, Gaingels, Tribe Capital, Republic Labs, InnoVen Capital, 500 Startups, and 5ideas.in, as its investors.
It works with popular brands such as MamaEarth, CureVeda, Gillette, Relaxo, Proline, The Beer Cafe, among several others.