Logistics aggregator Shiprocket raised $13 million led by Tribe Capital, along with Innoven Capital & Bertelsmann India Investments.
The latest capital infusion brings Shiprocket’s total funding to $26 million, according to a company statement.
Latest round of investment gives nearly 30 times returns in 5 years for Shiprocket’s angel investors like Jatin Aneja and 5ideas or Superfuel run by Gaurav Kachru and Pearl Uppal, who exited in this round.
The investment will be used to fuel Shiprocket’s 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. As part of the agreement, Arjun Sethi from Tribe Capital LLC will join Shiprocket’s board of directors.
“The boom in direct to consumer brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfillment solutions to online sellers enabling them to compete with larger brands and marketplaces" said Saahil Goel, CEO and Co-founder, Shiprocket.
Launched by Bigfoot Retail Solutions in 2017, Shiprocket turned profitable in FY 2018-19 with an annualized revenue run rate in $25-30 million range. Shiprocket claims it processes more than 2 million monthly shipments, enabling more than 35,000 entities sell directly to their consumers across India.