Logistics aggregator for D2C sellers, Shiprocket has picked up $13 million in a Series C round led by Tribe Capital LLC. Venture debt firm Innoven Capital and existing investor Bertelsmann India Investments also participated in the round.
The latest capital infusion brings Shiprocket’s total funding to $26 million. Previously, the Delhi-based startup had raised $13 million from existing backers Bertelsmann, Nirvana Venture Partners, Beenext, and 500 Startups.
The latest round gives nearly 30X returns in 5 years for Shiprocket’s angel investors such as Jatin Aneja, Gaurav Kachru, and Pearl Uppal, said the company in a press statement.
According to Shiprocket, the fresh fund will be utilized for product development, hiring talent across engineering and analytics domains, and international expansions. As part of the transaction, Arjun Sethi from Tribe Capital LLC will join Shiprocket’s Board of Directors.
It’s worth noting that ShipRocket was born as an ancillary product to support KartRockt’s offering. KartRocket was an e-commerce enabler for small and medium sellers. The Delhi-based venture had also rebranded KartRocket as ShipRocket360.
The company’s website claims that it helps to ship 50,000 orders on a daily basis.
With over 17 logistics providers, Shiprocket connects merchants, consumers, and supply chain partners across 26000 pin codes and more than 220 countries. The firm also claims to have over 1.5 lakh sellers on the platform and has driven a GMV of more than $120 million to date.
The startup faces competition from Infibeam-owned ShipDroid, Shyplite, Shipstation, and Shippo among a few others.