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PayPal Ventures and Bertelsmann led a $41.3 million investment in Shiprocket, an Indian logistics firm.
Freedigitalphotos.net/stockimages
Madhurima Nandy contributed to this article.
8th of July, 2021
Shiprocket, a logistics aggregator that enables delivery for direct-to-consumer (D2C) shops, has raised $41.3 million in Series D1 funding led by PayPal Ventures, PayPal Inc.’s corporate venture capital arm, and current investor Bertelsmann India Investments.
The financing included new investor Info Edge Ventures as well as current investors March Capital and Tribe Capital. Strategic partners such as Razorpay and Innoven Capital, as well as entrepreneurs such as Kunal Shah, creator of Cred, and Deepinder Goyal, founder of Zomato, took part.
The most recent round of fundraising brings Shiprocket’s total funding to $94.3 million. The Delhi-based company plans to use the funds to expand its market and accelerate overall growth by investing in existing and new products, research and development, and recruiting.
A portion of the funds will go toward the company’s new strategic ambitions, which include worldwide expansion beginning in the Middle East.
“Shiprocket’s objective has been to assist merchants focus on what they do best while easing their load by handling the heavy lifting of supply chain automation since its start. According to Saahil Goel, CEO and co-founder of Shiprocket, D2C commerce accounts for around 15% of India’s overall e-commerce sector, which is expected to rise to 30-35 percent in the next five years.
“Shiprocket has prospered by focusing on building tools that solve fundamental logistical concerns for businesses as they scale, just way PayPal has supported merchants with payments,” said Marc Donnadieu, director of PayPal Ventures. We’re excited to become an investment in Shiprocket and support the development of its tools, which will continue to define India’s vibrant commerce ecosystem for years to come.”
PayPal Inc announced in February that it would be winding down its payment operations in India and shutting down its domestic payment services on April 1st.
Shiprocket, which was founded in 2017, became profitable in 2018-19 and is on course to reach $100 million in annual recurring revenue by 2021-22. (ARR). Over 100,000 vendors may now sell straight to their customers across India thanks to the firm, which processes over 5 million monthly shipments.
“The company has established really deep technology and AI products that might take the user experience, on the merchant as well as end-user side, to the next level and drive India’s supply chain and logistics growth,” said Pankaj Makkar, MD, Bertelsmann India Investments.
“….The goal is that as Shiprocket expands its capabilities and tools for sellers, anyone with a product to sell should be able to take advantage of its suite of products and services with a single click to launch their business with an Amazon-like one-day delivery experience,” said Kitty Agarwal, Partner, Info Edge Ventures.
“The future of D2C e-commerce transactions is in enabling the whole stack of solutions for the post-purchase leg,” Goel stated.
The original version of this article appeared on livemint.com.
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