Funding Alert

Shiprocket Receives Funding From Razorpay And Zomato Of Around $41M

• ByStartupStory     |    July 8, 2021

Logistics aggregator Shiprocket receives funding from Razorpay and Zomato of around $41 million. The highest bid has been made by PAypal, the venture investment sector of Paypal and existing investor Bertelsmann India Investments. Other investors include nfo Edge Ventures, March Capital, Tribe Capital and Innoven Capital. Razorpay and entrepreneurs such as Cred’s Kunal Shah and Zomato’s Deepinder Goyal have also put in their capital ; tehya re Shiprocket’s strategic partners. Prior to this round, the Delhi-based startup had raised around $53 million. Innoven Capital, a venture debt firm, has invested in equity capital in the latest round. According to Saahil Goel,Shiprocket’s co-founder and CEo, this is the ‘D1’ series of funding, meaning it is looking to onboard more investors and the total funding would be higher eventually. Shiprocket essentially aggregates demand from direct-to-consumer (D2C) brands, micro entrepreneurs and local brands and sends them to logistics players like Delhivery, Ecom Express and others.  

“We have a monthly active merchant base of 60,000 and around 10,000 of them are D2C brands. This is a big area of focus for us as we expand deeper in the country offering 2-day deliveries,” Goel said. Shiprocket will use the funds to expand to the Middle East, starting from Saudi Arabia. While the ecommerce market is dominated by Flipkart and Amazon India and other vertical e-tailers, a host of niche D2C brands have emerged in India over the last 12-24 months. Shiprock will now use this acquired capital to expand in the middle east starting from Saufi Arab. While the ecommerce market is still dominated by Flipkart and Amazon India and other vertical e-tailers, a host of niche D2C brands have emerged in India over the last 12-24 months. Shiprocket is mostly focusing on this sector as the segment is believed to be clocking daily shipments of 2-3 million, therefore can fetch huge revenues. 

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