BENGALURU: Logistics start-up Shiprocket on Wednesday entered the unicorn club with its new funding round. The company raised Rs 270 crore ($33.5 million) in Series E2 round co-led by Temasek and Lightrock India along with participation from existing investors- Bertelsmann India Investments, March Capital, Moore Strategic Ventures, PayPal Ventures and Huddle.
The largest eCommerce logistics aggregator, which was launched in 2017, has now become the country's 106th unicorn. This investment will help Shiprocket further extend its operating system by building newer software and intelligence products along with deepening its capability in the fulfillment and same-day delivery experience.
Saahil Goel, CEO and Co-founder, Shiprocket said, “This investment will help accelerate our roadmap, and will also help us bring eCommerce experiences to every direct commerce retailer in India.”
According to Statista, the logistics market size in India was $250 billion in FY21, and this market would grow to $380 billion in 2025, at a CAGR of 10-12%.
Prior to this fund raise, it raised Rs 1,380 crore ($185 million) in Series E funding round led by Zomato and Light Rock India. Also, in February this year, Shiprocket acquired a majority stake in Glaucus Supply Chain Solutions, a supply chain management company, for an undisclosed amount.
It also acquired SaaS-based logistics start-up Pickrr recently for around $200 million and Arvind's omnichannel SaaS platform Omuni for Rs 200 crore.
Today, Shiprocket is behind the country’s 2.5 lakh sellers who generate a GMV (gross merchandise value) of more than $1.5 billion annually on the platform. The brand delivers packets to more than 66 million consumers annually and is growing 3X y-o-y.
With over 17 courier partners, the logistics aggregator's shipping solutions are available across 29,000 pin codes within India and 220 countries worldwide.