Shiprocket, a Delhi, India-based eCommerce fulfilment platform that allows D2C sellers to ship quickly and affordably, has raised USD 41.3 million (INR 305 crore) in Series D funding. PayPal Ventures, PayPal’s corporate venture capital arm, Info Edge Ventures, an investment firm backed by publicly traded Info Edge and Temasek Holdings, and existing investor Bertelsman led the round.March Capital and Tribe Capital, as well as other existing investors, participated in the round. Strategic investors such as Razorpay and Innoven Capital, as well as successful entrepreneurs such as Cred founder Kunal Shah and Zomato founder Deepinder Goyal, took part in the investment round.
Shiprocket’s total funding now stands at USD 94.3 million, thanks to this latest round of fundraising. Shiprocket will use the funds to achieve its aim of democratising eCommerce fulfilment for the rapidly expanding world of direct-to-consumer (D2C) sellers. Shiprocket plans to put the newly injected funds toward aggressive core product expansion and R&D, as well as talent acquisition as well as, into adjacent product development that can help retailers enhance the post-order consumer experience. A portion of the funding will go toward the platform’s new strategic ambitions, such as worldwide expansion, which will begin in the Middle East.
Speaking on the new capital, Saahil Goel, CEO, and Co-Founder of Shiprocket said, “Shiprocket’s mission, ever since its inception, has been to help merchants focus on what they do best and ease their burden by taking on the heavy lifting of supply chain automation. D2C commerce forms roughly 15% of the overall eCommerce market in India; this is projected to grow to 30-35% in the next 5 years. Shiprocket is democratizing best-in-class experiences for hundreds of thousands of eCommerce brands that are shipping millions of items per month through our platform today.
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.”
Pankaj Makkar, Managing Director, Bertelsmann India Investments said, “We are thrilled to continue our partnership with Shiprocket which is strengthening India’s D2C’s supply chain. The company has built very deep technology and AI products which could take the user experience, on the merchant as well as end-user side, to the next level and drive India’s supply chain and logistics growth. We look forward to having like-minded partners like Info Edge and PayPal join our cap-table and support Shiprocket in its mission.”