Bertelsmann India Investments (BII) initially supported Shiprocket in 2015, at a time when Indian merchants were struggling to reliably deliver parcels nationwide. Witnessing the Shiprocket team ring the IPO bell a decade later stands as a major milestone in establishing category-defining firms. BII extends its congratulations to Saahil, Gautam, Akshay, Vishesh, and all those involved in building this business, along with the 400,000 merchants who placed their trust in the platform long before success seemed certain. The achievement reflects the creation of India’s premier e-commerce enablement stack for small merchants and D2C brands—a structure developed layer by layer over ten years in a way that few others globally have attempted. This foundation is a cause for celebration, as the e-commerce stack is uniquely tailored to meet the specific needs of Indian merchants, not merely a copy of a foreign model.
Bertelsmann India Investments has always embraced the intricacies of complex businesses, unlike many investors who shy away from them. Pankaj Makkar, the Managing Director of BII, stated that complexity grants time and can be detrimental to those unprepared. Shiprocket presented significant complexity with its dual marketplace, over 150 partner integrations, cutting-edge warehousing technology solutions, and a comprehensive software framework specifically engineered for the Indian market. This innovative platform designed to tackle such complexity is precisely what BII chose to back, making it challenging to replicate.
When Saahil and his team approached BII, they sought trust in a vision that had yet to be realised anywhere else. This required strong conviction—not purely in financial projections but in the founders’ profound understanding of the problems that needed resolving. Saahil appreciated how BII offered the freedom to discover their direction without forcing them into a predefined role, encouraging them to think strategically about network effects, data scaling, and defending their business against competition. This process of strategic inquiry and enduring faith formed the basis of the partnership between Bertelsmann India Investments and Shiprocket, perfectly illustrated in the ‘Trek to IPO’ film. What is compelling is not just the investment decision but everything that followed.
Rohit Sood, a Partner at BII, advised the founders to carefully consider their choice of investors, as the right partner could serve as a significant advantage. This relationship works both ways—investors must also earn their status over time. Reflecting on their journey, Pankaj Makkar recalled shared experiences, such as enjoying lengthy lunches post-board meetings and adventurous treks from Joshua Tree to Munich. The creation of the ‘Trek to IPO’ film demonstrated how conversations transitioned from products to personal experiences, building genuine friendships that transformed investments into true partnerships.
The film ‘Trek to IPO’ portrays this journey—highlighting the peaks and valleys, strategic advancements, late-night problem-solving, celebrations, and challenges shared between investor and founders. It is not a typical IPO announcement but a narrative about the commitment between an investor and founders over the long haul, driven by a sincere belief in the importance of their work.
A New Chapter in E-commerce Growth
For Bertelsmann India Investments, Shiprocket’s IPO signifies not an ending, but a new chapter in a decade dedicated to laying the groundwork for India’s e-commerce landscape. The confidence extended beyond just logistics; it encompassed the merchants and small businesses empowered to build, sell, and grow due to this foundational infrastructure.
For this reason, BII intends to maintain a significant stake following the IPO, believing firmly in Shiprocket’s future growth and wanting to share in the value that lies ahead. They are not seeking an exit but are deepening their commitment to the partnership.
As India enters a new era of e-commerce expansion, ‘Trek to IPO’ shines a light on the often-overlooked systems that have supported businesses in scaling across India—one integration, one data point, and one merchant at a time. Shiprocket is not merely a courier service; it serves as the enabling framework allowing small merchants to function with the capabilities typically reserved for larger companies—providing competitive rates, extensive reach, routing intelligence, optimal customer experiences, and rapid fulfilment.
‘Trek to IPO’: Documenting a Decade-Long Partnership
Directed by award-winning filmmaker Kushaal Chawla and produced by Dream Slate Pictures, ‘Trek to IPO’ chronicles the long-standing relationship between BII and Shiprocket’s founders—established not just in boardrooms, but through joint explorations across three continents. The film is now available on Bertelsmann India Investments’ YouTube and LinkedIn platforms.
About Bertelsmann India Investments
Founded in 2012, Bertelsmann India Investments (BII) operates as a sector-agnostic venture capital fund, dedicated to supporting India’s upcoming generation of transformative entrepreneurs. BII centres its focus on early growth-stage startups (Series A to C), pairing long-term capital with strategic partnerships to assist founders in achieving sustainable growth. With a commitment of $500 million over the next five years, BII invests directly from Bertelsmann’s balance sheet—initially deploying between $5 million and $15 million and up to $40 million throughout a company’s development cycle. Its portfolio includes trailblazers such as Shiprocket, Eruditus, Licious, Nat Habit, and LetsTransport. As the investment arm of Bertelsmann SE & Co. KGaA, BII benefits from the robust strength of Bertelsmann Investments (BI), which boasts one of the world’s extensive VC ecosystems with $2 billion allocated to over 250 companies globally.
About Kushaal Chawla
Kushaal Chawla is an award-winning filmmaker, director, and producer, holding a Master’s degree from the New York Film Academy (Los Angeles). He has written, directed, and produced the Hollywood feature film “Another Time,” which premiered at Warner Bros. Studios in Los Angeles, won 15 international awards, and is now available for streaming on Amazon Prime Video in the US, UK, and Germany. Under his banner, Dream Slate Pictures, Kushaal has spearheaded award-winning campaigns for leading global brands, including recent AI-driven efforts for Kellogg’s, recognized at CANNES LIONS 2026.
About Dream Slate Pictures
Dream Slate Pictures is an award-winning global creative agency and production house, blending traditional large-scale global production expertise with cutting-edge AI-powered filmmaking capabilities. The company operates across various sectors, including feature films, television shows, advertising, branded content, and original intellectual properties. Their client roster features notable names like Kellogg’s, LG Electronics, UNESCO, HP, Spotify, Zee World, and ABP News. In 2026, Dream Slate Pictures received the Best Global Digital Marketing Campaign award from Economic Times for their innovative AI-driven work, which featured at CANNES LIONS 2026.