Last Updated on 10/12/2021 by Ulka
Shiprocket, a logistics technology platform, announced on Friday that it has inked a formal agreement with Zomato, Temasek, and Light rock India for a $185 million (1,380 crores) Series E capital round. Shiprocket has raised $280 million in three rounds of funding since its founding in 2021. Shiprocket is a direct-to-consumer e-commerce platform in India that focuses on providing Amazon Prime-like shipping experiences for sellers and consumers.
“In the D2C e-commerce industry, we’re thrilled about the tremendous, untapped opportunity that exists in post-purchase technology enablement. This fundraising effort validates the whole Shiprocket team’s hard work over the last four years “Shiprocket’s CEO and Co-Founder, Saahil Goel, stated.
Moore Strategic Ventures and 9unicorns, as well as current investors InfoEdge Ventures and March Capital, are among the new investors in this round.
Shiprocket, which was founded in 2017, is the fastest firm to become profitable in 24 months, doubling its ARR (annual run rate) in the final six months.
The company said that it will invest new money in aggressive core product expansion, research and development, talent acquisition, and the creation of a comprehensive suite of retail products.
“We’ve taken the first step toward growing our reach in new regions by launching our services in the Kingdom of Saudi Arabia in November 2021,” Goel stated.
The company also offers a technological stack to assist retailers with workflow, inventory, and order management on Shopify, Magento, WooCommerce, Zoho, and other platforms.
“Shiprocket fills a need in the e-commerce sector by providing customers of direct-to-consumer brands with a smooth post-checkout experience, including delivery,” stated Deepinder Goyal, Zomato’s CEO and Co-founder.