“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
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.
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
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.
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.
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.
Former Careem Pay CEO launches SimpliFi, a Cards-as-a-Service platform for the Middle East, North Africa, and Pakistan.
SimpliFi has announced the launch of its Cards as a Service platform for the Middle East, North Africa, and Pakistan. The Dubai-based startup had previously been operating in stealth mode. It has also concluded a seed round led by Saudi-based Raed Ventures, with participation from…
Sanjay Pahwa Calega Capital Director
Sanjay Pahwa is the Director at Calega Resources Investment LLC. Executive Director : Calega Resources Partner : Sygmia Consulting Group Chief Operations Officer, Middle East and Africa : Agility Logistics Global Integrated Logistics Senior Manager, Procurement and Materials Middle East : Kbr, Inc. General Manager :…
Startup News MENA- Edutech Kibo School Gets $2m to Offer Online Study to Students in Africa
Startup Business News MENA : Many parents relocate to America so that their children might benefit from the opportunity to pursue higher education. Unfortunately, not everyone has the admission to do so. to enable more Africans to realise their aspiration fellow benefactor and CEO Ope…
Pakistani consumer lending fintech Tez is acquired by ZoodPay
ZoodPay, a purchase now pay later platform based in Switzerland that operates in many Middle Eastern and Central Asian markets, announced today that it has acquired Pakistani consumer financing startup Tez. The financial terms of the acquisition were not disclosed, but the announcement stated that…
Best Distribution Company in Dubai UAE
Best Distribution Company in Dubai : Looking for Best distribution company Or IT and Hardware distributors in Dubai, United Arab Emirates. Here are the list of Top distributers IT Distributors in Dubai UAE 1. Tartan Glabal 2. Almasa IT Distribution 1. Tartan…
Top 10 Best Startups in Abu Dhabi UAE 2022
Best Startups in Abu Dhabi UAE 2022 Abu Dhabi’s startup and tech scene are growing, and the government has programs to encourage people to start their own businesses. In the coming years, Abu Dhabi is likely to have a strong tech and startup scene. We’ve…
How to Start / Set Up a Crypto Business in Dubai 2022?
Crypto Business in Dubai The city just passed a law and set up a governing body to help promote cryptocurrencies. Dubai is ramping up to become the crypto capital of the world. Crypto enthusiasts can set up a crypto business in Dubai by following these…
Two brothers, one startup and an urge to create an honest impactful brand: Groovy’s inspiring story
While we all were sitting home, groovy started out with a vision to create and give Mitkaran Singh and Rajneesh Sharma started the production of fresh and original juices and they sold 150ml packs for 10 INR each. They started out in the year 2020…
Jordan’s Book Summary Start-up Wajeez Raises $3 Million in Pre-Series A Round
Jordan-based EdTech startup and book summary platform Wazeej, has successfully raised $3 million in a pre-series A round. The funding round that was led by technology venture capital fundSTV, also witnessed the participation of Abu Dhabi’s Shorooq Partners, Jordan’sMawdoo3, and Wise Venture. Founders Wajeez was…
Cairo Based Discount App Startup: LUCKY
Algebra Ventures has invested in Egyptian loyalty solutions firm Dsquares ahead of the launch of its B2C consumer-tech product, the Lucky Discounts App. ABOUT Dsquares was founded in 2012 by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa to assist businesses to enhance client loyalty and…
Presenting before you all PayTabs to power the future of payments in the MENA region
Do you also like to have instant access to the amount paid by your clients using all major credit cards from all over the globe on your websites or mobile apps with just one click? Then go no farther than this comprehensive payment processing solution…
A complete guide to Expo 2020 Metro Extension line in Dubai
The inauguration of a 15 km long extension to the Metro Red line – Route 2020, was done by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President as well as Prime Minister that belongs to UAE and Ruler of Dubai. The opening of…
A complete guide to plan your stay in Dubai during Expo-2020
Despite being held in 2021 this expo is named Expo 2020 With the theme- “Connecting minds, creating the future”, UAE is creating yet another beautiful experience for everyone around. The city & its hotel witnesses one of the peak season during this time hence you…
A guide to the safest travel options, if you are a woman traveling for Expo 2020.
Expo 2020, now to be held in 2021. Know all about dates, tickets, and travel in this article. Dubai, which is one of the 7 emirates of the United Arab Emirates, is amongst the world’s most popular destinations for travel and tourism as well as…
IPL Enters EXPO 2020 Dubai: The catalyst for change
Rajasthan Royals, the pink team of the Indian premier league announces a marvelous title sponsorship deal with Expo 2020 Dubai for the upcoming 14th season of IPL. As a part of the association, “Expo 2020 Dubai” will appear on the front of Rajasthan Royals’ jersey…
FIDE world chess championship to be held at Dubai Expo 2020
The upcoming FIDE World Chess Championship, which is the highlight of the world chess calendar, is all set to take place at the state-of-the-art Dubai Exhibition Centre, co-located at Expo 2020, from November 24 to December 16. NEW DATES AND EXCITEMENT The world governing body…
List of Top 10 Best Hospitals in Dubai UAE 2022
Top 10 Best Hospitals in UAE Dubai 2022 : Name Official Site Contact Address Cleveland Clinic https://www.clevelandclinicabudhabi.ae 800 222 33 Global Market Square – Abu Dhabi – UAE Medeor 24X7 Hospital https://medeor.ae/dubai/ 97180055 Dubai, United Arab Emirates King’s College Hospital Dubai https://kingscollegehospitaldubai.com/ 971 4 247…
Majid Al Futtaim Launches A Regional Accelerator Programme For Startups & SMEs
Business News MENA : The retail group Majid Al Futtaim has started an accelerator programme to help startups and small and medium-sized businesses (SMEs) in strategic sectors speed up their growth plans and help the economy grow. Details: The programme will work with AstroLabs, which…
Dubai Plans to Launch A Network of 50 Offices Around the Globe For Commerce Promotion
According to Dubai business news – Dubai will establish a network of 50 representative offices across five continents over the next few years to promote the emirate’s economic interests as it strives to become one of the world’s major corporate hubs. “We are the most…
Top 10 Best Budget Indian Restaurants in Dubai 2022
Here is the list of Top 10 Budget Indian Restaurant in Dubai – Desire Indian cuisine in Dubai? You’re in luck, as Dubai has an abundance of Indian eateries selling everything from the most scrumptious curries and biryanis to classic subcontinental street cuisine. The cuisine…
India-based PolicyBazaar raises $75M in order to expand in the middle east market
PolicyBazaar has raised around $75M in order to expand its network in the middle east market. The funding was led by US-based Falcon Edge Capital. The company had experienced a 66% increase in revenue to $70M in FY2020 but had also experienced a loss of…
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 Highlights of the article New investor Tech Edge Ventures joined existing investors March Capital and Tribe Capital in the round. The most…
Eyewear Unicorn Lenskart Secures $220 million, To Expand in Asia and Middle East
Omni-channel eyewear brand Lenskart, secured $220 million in a funding round that was led by Temasek Holdings Pte and Falcon Edge Capital. The round also witnessed the participation of existing investors Bay Capital and Chiratae Ventures, valuing the startup at $2.5 billion. Avendus Capitalacted as…