The sequence C funding spherical additionally noticed participation from current investor Bertelsmann India Investments. The newest capital infusion brings Shiprocket’s whole funding to $26 million, an announcement mentioned.
“The investment will be used to fuel Shiprocket’s aggressive product development roadmap which includes hiring top talent across data science and engineering domains. The funds will also be focused on the company’s new initiatives including its international expansions,” it added.
As a part of the settlement, Arjun Sethi from Tribe Capital LLC will be part of Shiprocket’s board of administrators.
“The boom in D2C (Direct to Consumer) brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfillment solutions to online sellers enabling them to compete with larger brands and marketplaces,” Shiprocket CEO and co-founder Saahil Goel mentioned.
This further capital will permit the corporate to speed up its strategic objectives and product improvement endeavours by hiring prime expertise in key areas, he added. Launched by Bigfoot Retail Solutions in 2017, Shiprocket turned worthwhile in 2018-19 with an annualised income run fee between $25-30 million.
Shiprocket mentioned it processes greater than 2 million month-to-month shipments, enabling greater than 35,000 sellers to promote on to their customers throughout India.
Shiprocket has beforehand raised $13 million in funding from current traders Bertelsmann India Investments, Nirvana Venture Partners, Beenext and 500 startups who proceed to again Shiprocket.
The newest spherical provides almost 30 instances returns in 5 years for Shiprocket’s angel traders who exited on this spherical, the corporate mentioned. Early angels within the firm embody angel investor Jatin Aneja and 5ideas/Superfuel run by Gaurav Kachru and Pearl Uppal.