Shiprocket raised $27 mn from Tribe Capital, March Capital
Logistics aggregator Shiprocket raised $27 mn in a mix of primary and secondary share transactions from venture capitalists Tribe Capital and March Capital. These fresh funds will be used for product development, hiring talent across product and engineering roles, and expansion globally.
The latest round gives an exit to some early investors in the company with 6x-7x returns, the company said in a statement. The fundraising also brings the total capital raised by the 8 y/o company to $53 mn.
Shiprocket is a tech-enabled logistics aggregation platform that drives global and domestic shipping for MSMEs operating in the ecommerce sector. The company claimed an annual revenue rate (ARR) of $50 mn-$60 mn.