BENGALURU: E-commerce logistics aggregator Shiprocket has raised Rs 100 crore ( $13 million) in a Series-C funding round led by Silicon Valley-based investment firm Tribe Capital, along with Innoven Capital and existing investor Bertelsmann India Investments. With the latest capital infusion, Shiprocket has raised a total funding of $26 million.
This also marks Tribe Capital’s first investment in the Indian start-up ecosystem, at a time when the industry is reeling under severe fund crunch due to the Covid-19 pandemic.
Shiprocket enables direct-to-consumer (D2C) sellers reach their buyers through an Artificial Intelligence-backed platform by shipping to more than 200 countries across the globe. The aggregator has currently 1.5 lakh sellers and 15 courier companies on board and is growing at 300 per cent YoY.
The logistics platform said that the latest investment will be used to hire 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.
Even as the revenues of nearly 25 per cent of Indian start-ups are estimated to dry up in the face of prolonged pandemic situation, the pandemic has also shaped new-age investments in edtech, e-commerce, health tech and logistics ventures.