Logistics aggregator Shiprocket raises $13 mn from Tribe Capital, others

Logistics aggregator Shiprocket raises $13 mn from Tribe Capital, others
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11 May, 2020

New Delhi-based BigFoot Retail Solutions, which operates the tech-enabled logistics aggregator Shiprocket, has raised $13 million in its Series C round of funding led by Tribe Capital.

Venture debt firm Innoven Capital and existing investor Bertelsmann India Investments also pitched in, the company said in a statement.

The latest capital infusion brings Shiprocket’s total funding to $26 million. The company last raised $13 million in funding from existing investors Bertelsmann India Investments, Nirvana Venture Partners, Beenext and seed accelerator 500 Startups.

Shiprocket will use the fresh capital to fuel product development roadmap, which includes hiring top talent across the data science and engineering domains. The funds will also be focused on the company’s new initiatives including its international expansions, the statement added.

Tribe Capital is a San Francisco -based venture capital firm founded by Arjun Sethi, Jonathan Hsu and Ted Maidenberg. As part of the agreement, Sethi will join Shiprocket’s board of directors.

“As a truly disruptive platform, Shiprocket has offered numerous SMEs a cost-effective and world-class solution for e-commerce shipping. The boom in D2C brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfilment solutions to online sellers enabling them to compete with larger brands and marketplaces” Saahil Goel, CEO and co-founder of Shiprocket said.

Goel founded Shiprocket in 2017 with Gautam Kapoor. The company works with micro, small and medium enterprises (MSMEs) that operate in the ecommerce sector. It claims to provide shipments in around 220 countries, has 1.5 lakh sellers on board and works with 15 courier partners.

The company recently entered into hyperlocal delivery of essentials. It has partnered with Bengaluru-based last-mile delivery service platform Shadowfax to facilitate the same day and next day deliveries for food, groceries and pharmaceuticals.

Shiprocket turned profitable in FY18-19 with an annualized revenue run rate between $25-30 million, it said in the statement.