Delhi-based ecommerce fulfillment platform Shiprocket aims to leverage new funds to fuel product development for existing and new products, invest in R&D and market expansion, and accelerate overall growth.
Shiprocket, a Delhi-based ecommerce fulfillment platform that claims to enable fast and cost-effective shipping for D2C retailers, has raised $41.3 million (Rs 305 crore) in Series D1 funding.
The round was co-led by PayPal Ventures, the corporate VC arm of PayPal, Info Edge Ventures, an investment fund backed by publicly listed Info Edge and Temasek Holdings, along with existing investor Bertelsmann India Investments.
Existing investors March Capital and Tribe Capital took part in the round. The funding round also saw participation from strategic partners, such as Razorpay and Innoven Capital, and successful entrepreneurs including Cred founder Kunal Shah and Zomato founder Deepinder Goyal.
The latest infusion of capital brings Shiprocket’s total funding to $94.3 million. The investment will help Shiprocket further accelerate its mission to democratise ecommerce fulfillment for the fast-growing universe of D2C retailers.
Shiprocket will deploy the freshly infused capital towards aggressive core product expansion and R&D, talent acquisition, and adjacent product development that can help retailers enhance the post-order consumer experience. A part of the funds will also be directed towards the platform’s new strategic initiatives, including global expansion starting with the Middle East.
Democratising best-in-class experiences
Saahil Goel, CEO, and Co-founder of Shiprocket, said, “D2C commerce forms roughly 15 percent of the overall ecommerce market in India; this is projected to grow to 30-35 percent in the next five years.
“Shiprocket is democratising best-in-class experiences for hundreds of thousands of ecommerce brands shipping millions of items per month through our platform today.”
He further added, “We are thrilled with the abundant potential and opportunities available for technology enablers like us in this vast, untapped market. The future lies in enabling the entire stack of solutions for the post-purchase leg for D2C ecommerce transactions.”
Shiprocket’s offerings include using machine learning algorithms to accurately predict delivery dates, helping merchants seamlessly choose across various courier partners, reducing RTO fraud, printing labels, and proactively sharing tracking updates with buyers. The company also aims to provide the entire backend infrastructure of a large marketplace on its platform for retailers of any size.
Launched in 2017, Shiprocket became profitable in FY19 and is on track to close this financial year at $100 million in ARR. The company currently processes more than five million monthly shipments, enabling more than 100,000 sellers to sell directly to their consumers across India.
Partnering with over 17 logistics providers, Shiprocket’s tech-enabled logistics platform connects merchants, consumers, and supply chain partners across 29,000 pin codes across India and 220+ countries and territories globally, to create delightful shipping experiences.
Marc Donnadieu, Director, PayPal Ventures, said,
“Shiprocket has excelled by focusing on building products that solve major logistical problems for businesses as they scale, much like PayPal has supported merchants with payments. We’re thrilled to join Shiprocket as an investor and support the development of its tools that will continue to shape the dynamic commerce ecosystem in India for years to come.”