Zomato-Backed Shiprocket becomes India’s 106th unicorn with $32 Mn fundraise

• ByStartupStory     |    August 17, 2022

Shiprocket is the newest unicorn, with the logistics aggregator platform recently raising new funds at a valuation of more than $1 billion. The firm has passed a special resolution to allocate 59,793 preference shares in its ongoing Series E funding round at an offer price of Rs 43,394.13 per share to raise Rs 260 crore (approximately $33 million). This appears to be a round of Series E2.

This round was led by Light Rock India as well as MacRitchie Investments Pte. Ltd. (Temasek Holding) with Rs 78 crore and Rs 75 crore, respectively. Bertelsmann Nederland BV, Moore Strategic, Paypal Inc., and MCP3 SPV LLC are among the other investors who have contributed Rs 107 crore to the ongoing series E round.

The company has raised new funds at a $1.23 billion valuation. Shiprocket raised $185 million in a Series E round led by Zomato, Temasek, and Lightrock India in December, valued at around $930 million. Since then, it has acquired three companies in a row, including Arvind Internet Limited’s Omuni, Rocketbox, and Pickrr.

Shiprocket offers technology solutions to assist retailers in integrating their shopping websites with enablers such as Shopify, Magenta, and others. According to the company, its products and services are used by approximately 250K sellers, and it enables the delivery of 70 million shipments annually. While Shiprocket has yet to submit its financial statements for FY22, reports indicate that its scale increased 2.2X to Rs 358 crore in FY21, with a profit of Rs 12 crore.

There are already 106 unicorns in the Indian startup ecosystem to date. Of these, 43 startups created history last year, and 21 startups have so far surpassed the $1 billion valuation mark in 2022. Given the current rate, India may not see as many unicorns this year as it did in 2021.

Due to global market uncertainty, the funding environment for startups has deteriorated. According to private investment experts, the funding winter will have a direct impact on the number of unicorns in 2022 and 2023, as well as the valuation of growth as well as late-stage companies.

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