[Funding] Shiprocket raises USD $27 million in Series C from Tribe Capital and March Capital

ECom shipping platform Shiprocket has raised USD 27 million (INR 200 Crore) in Series C3 funding. Tribe Capital, along with March Capital co-led the funding round. The round also saw the participation of Rahul Mehta of DST Global and existing investor Bertelsmann India Investments. The latest infusion of capital brings Shiprocket’s total funding to USD 53 million.

With the investment, the company aims to fuel product development roadmap. It further aims to hire top talent across product, data, and engineering functions. The funds will also focus on the company’s new strategic initiatives, including expanding globally. “We are excited with the promise the coming years hold for this market and we are delighted to be partnering with the smartest capital in the industry along this journey,” said Saahil Goel, CEO and Co-founder, Shiprocket.

The three-year-old startup, Shiprocket turned profitable in FY 18-19. It has an annualized revenue run rate between USD $50-60 million. Shiprocket currently processes more than 4 Million monthly shipments. It helps more than 100,000 sellers to sell directly to their consumers across India. The startup has previously raised USD $26 million in funding from Bertelsmann India Investments, Nirvana Venture Partners, Beenext, and 500 Startups; these investors continue to back Shiprocket today.

“We already power shipping for over 100,000 merchants; have recently launched Shiprocket Fulfilment for extending the existing platform. This includes storage, pick, pack and dispatch. Further, we want to invest in building world-class consumer experiences. We also aim to help merchants grow their business with allied services in the coming years,” Sahil added.

From the leaders

Rajan Mehra, Partner, March Capital said, “E-commerce growth is being led by D2C brands, and Shiprocket's solutions help enable their growth. Shiprocket has simplified the post-purchase experience for thousands of sellers and millions of buyers. We are excited by their plans for the future of e-commerce”.

Pankaj Makkar, Managing Director, Bertelsmann India Investments said that the fundraise will help Shiprocket build an exceptional post-purchase experience for the company’s 100k merchants. “We continue to participate in the fundraiser and to support the company to build a world-class technology platform for India and eventually the world,” he said.