Shiprocket Raised INR 259 Cr in Series E, Adds Itself To The List Of Unicorns

Opportunity India Desk
Opportunity India Desk Aug 18 2022 - 3 min read
Shiprocket Raised INR 259 Cr  in Series E, Adds Itself To The List Of Unicorns
Shiprocket Streamlines the process of shipping products to clients by connecting online retailers with logistics service providers.

The logistics startup Shiprocket has raised INR 259 crore in an extended Series E round, making it the newest unicorn in India. Existing investors such as Temasek, Bertelsmann, Moore, PayPal, and others led the round. With a round valuation of USD1.2 billion, Shiprocket becomes the 20th unicorn startup in India overall and the 106th overall as of 2022.

Existing investors Huddle, March Capital, Moore Strategic Ventures, PayPal Ventures, and Bertelsmann India Investments participated in the Series E2 fundraising round as well.

“This investment will help accelerate our roadmap and will also help us bring world-class e-commerce experiences to every direct commerce retailer in India,” said Saahil Goel, CEO and Co-founder, Shiprocket.

In 2017, Gautam Kapoor, Saahil Goel, Vishesh Khurana, and Akshay Ghulati Founded Shiprocket. The business streamlines the process of shipping products to clients by connecting online retailers with logistics service providers. In India, e-commerce has exploded, and with it, a vast number of transportation companies. These businesses service various pin codes, charge various prices, and have various delivery schedules. The solution from Shiprocket enables businesses to choose the shipping providers best suited for their orders and expedite product delivery.

According to a statement from Shiprocket, the additional funding would enable it to further develop its fulfilment and same-day delivery capabilities while also extending the functionality of its operating system.

The platform used by Shiprocket uses a machine-learning-based data engine to identify a courier firm, recommend the best courier service for a business, and even print shipping labels and track shipments from a single panel. Shiprocket helps enterprises send their items swiftly and affordably by enabling integration with 17 shipping providers, including Xpressbees, Ekart, Shadowfax, Gati, and others.

Currently, Shiprocket helps ship 2 lakh shipments every day for over 1 lakh vendors. It can mail goods to more than 200 countries and supports 29,000 pin codes. Brands including Relaxo, Bira, Gillette, Mamaearth, and Proline are among its clients.

Omuni, a technology company owned by Arvind Internet Limited, was purchased by Shiprocket last month for Rs 200 crore in stock and cash. For over USD 200 million in June, Shiprocket purchased the majority of shares in Pickrr, an e-commerce software-as-a-service (SaaS) platform for D2C brands and SME e-tailers (nearly Rs 1,560 crore).

While Shiprocket has several well-known clients, it also has a well-known investor in the form of Zomato, which last year invested in Shiprocket in its Series E round and now holds a nearly 8% share in the business. Shiprocket has stated that its sweet spot would be 3 hour to 6 hour deliveries, and it will concentrate on those use cases. Zomato, on the other hand, delivers sub-1-hour deliveries for food delivery and grocery delivery through Blinkit.

But Shiprocket's admission into the unicorn club shows how far India's e-commerce has advanced. Since Flipkart's establishment in 2007, e-commerce has been widely popular. However, the market has since boomed, giving rise to B2B e-commerce unicorns like Udaan and Moglix as well as sector-specific unicorns like Lenskart and Pharmeasy. However, in addition to this, e-commerce support companies that help these enterprises execute their operations are also doing well for themselves. For example, logistics company Delhivery is now listed on stock exchanges, while Shiprocket has now reached a USD 1 billion valuation. Millions of jobs have already been created thanks to India's e-commerce revolution, which has also generated billions of dollars' worth of value.

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