Shiprocket has received $41.3 million in financing from PayPal Ventures and Bertelsmann | MENA startups, innovation, and tech news

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Shiprocket has received $41.3 million in financing from PayPal Ventures and Bertelsmann
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Shiprocket has received $41.3 million in financing from PayPal Ventures and Bertelsmann

“It doesn’t matter how long you’ve been in the business. It all comes down to the calibre of your years of experience.”- Shiprocket

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Highlights of the article

  • New investor Tech Edge Ventures joined existing investors March Capital and Tribe Capital in the round.
  • The most recent round of investment brings Shiprocket’s total capital to $94.3 million.
  • The newest round included investments from Razor pay, CRED founder Kunal Shah, and Zomato Founder and co-founder Deepinder Goyal.
  • Shiprocket has raised nearly $95 million in total financing, including the most recent round.
  • Shiprocket’s sales in FY21 was $49.7 million, according to co-founder Saahil Goel.

 

A logistics start-up PayPal Ventures and the company’s current shareholder Bertelsmann India Investments contributed to Shiprocket’s newest fundraising round, which garnered $41.3 million. Shiprocket’s previous supporters Info Edge Ventures, March Capital, and Tribe Capital also participated in the fundraising round, in addition to these primary investors. Innoven Capital, a venture debt specialist, has also made an equity investment rather than a debt round.

In the current financing round, Razor pay, CRED founder Kunal Shah, and Zomato CEO and co-founder Deepinder Goyal rounded out the list of investors. The funds will be used to grow into the Middle East market, beginning with Saudi Arabia.

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About Shiprocket; Believe in Simplifying Ecommerce Shipping

Shiprocket, a product of Bigfoot Retail Solutions in Delhi, is India’s first automated shipping software, to reduce e-commerce shipping to its essentials. They’ve partnered with several courier providers to give e-tailers a single platform where they can simply manage and distribute multi-channel orders. Using a single platform, you can print bulk shipping labels and ship your items anywhere in the globe. They have 20,000 satisfied clients and 35,000 daily shipments since our beginning in 2012. They’ve helped their businesses save up to Rs. 118,690,000 in shipping costs thus far.

 

Shiprocket has made a stride ahead in simplifying e-commerce for Indian entrepreneurs while saving them time and money. They provide them with the chance to focus on their main business rather than handling retail orders and looking for a dependable courier service. Many e-commerce companies have reduced shipping mistakes as a consequence of using Shiprocket, resulting in increased brand loyalty.

 

The founding heads

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Saahil Goel, the Co-founder & CEO: Saahil, the brain of Shiprocket, has always been fascinated by technology and is continuously searching for innovative methods to make e-commerce easier for Indian entrepreneurs. He enjoys playing the guitar and spending time with his family when he is not at work.

 

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Gautam Kapoor, the Co-founder: He is the creative mind of Shiprocket, has extensive experience in B2B sales and logistics. He enjoys injecting a dash of design and creativity into his ideas to make them more user-friendly.

 

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Vishesh Khurana, the Co-founder: He is always providing Indian merchants with consumer insights and other marketing requirements in the shipping and e-commerce industries. He enjoys partying outside of work.

The way forward

Tribe Capital and March Capital, both located in the United States, invested in the D2C enabler during its last fundraising round in February of this year. Shiprocket was also supported by DST Global’s Rahul Mehta and Bertelsmann India Investments in that round, which was disclosed in December 2020. In May 2020, the firm secured financing in a $13 million Series C investment headed by Tribe Capital.

The firm claims to have a monthly active merchant base of 60,000 with 10,000 D2C brands, and it helps online retailers ship their items and handle logistics. India’s e-commerce sector is expected to be worth $84 billion in 2021, rising to $200 billion by 2026.

 

Shiprocket made $49.7 million in sales in FY21, according to Goel. In December 2020, the firm introduced Shiprocket Fulfilment, which claims to provide same-day and next-day delivery for all e-commerce enterprises, reducing reliance on marketplaces.

 

“Indian D2C companies spend plenty of time on processing orders because of a complete absence of built infrastructure for customer orders. This is a waste of money and effort that may be better used for innovation and expansion. Shiprocket Fulfilment intends to help these businesses grow and scale.” According to cofounder Goel.

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