Highlights
Shiprocket Secures Rs 219 Crore in New Funding Round
Logistics and supply chain solutions provider Shiprocket is set to raise Rs 219 crore (approximately $26 million) as part of an extension to its ongoing Series E funding round. This round is led by KDT Ventures, with contributions from MUFG Bank, Tribe Capital, and SAI Global.
The board of Shiprocket has approved a special resolution to issue 50,461 Series E3 CCPS at an issue price of Rs 43,394 each, as outlined in their regulatory filing from the Registrar of Companies.
Investment Breakdown
- KDT Ventures: Rs 124.5 crore
- MUFG Bank: Rs 49.8 crore
- Tribe Capital: Rs 6.23 crore
- Huddle Collective: Rs 34.7 lakh
- SAI Global India: Rs 38 crore
This funding is believed to be part of a larger financing effort, with more capital anticipated in the future. Based on estimates from Startup Superb, the company’s valuation stands at approximately Rs 10,195 crore or $1.21 billion following this allotment.
About Shiprocket
Established by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform designed to assist businesses in optimising their shipping processes through:
- Courier integration
- Real-time tracking
- Automated solutions
To date, Shiprocket has raised over $320 million, including $11 million in its most recent round led by McKinsey. Startup Superb was the first to disclose this information. According to various sources from the startup data intelligence platform, Bertelsmann Nederland B.V is the largest external stakeholder, followed closely by Tribe. Other significant investors include Zomato, Temasek, LightRock, and PayPal.
Financial Performance
During the fiscal year ending March 2024, Shiprocket reported a 21% increase in year-on-year revenue, reaching Rs 1,316 crore, while losses amounted to Rs 595 crore for the same period. The company faces competition from Unicommerce, which has recently acquired Shipway, among other competitors such as Shipyard.