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Tuesday, February 7, 2023
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SaaS-based logistics startup Shiprocket turns unicorn in $32M funding round

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Logistics startup Shiprocket has secured almost $32 Mn in a bridge round. The company  was worth around $1.2 Bn in the funding round, which makes it India’s 106th unicorn.

Shiprocket has secured approximately $32 million in a bridge round led by Light Rock India and Temasek. In the funding round, the logistics startup was valued at around $1.2 billion, making it the country’s 106th unicorn.

This year, Shiprocket has acquired five startups and made numerous investments.

Shiprocket, a SaaS-based logistics startup backed by Zomato, has become the country’s latest unicorn. Shiprocket has raised $33.5 million in a Series E2 funding round led by Light Rock India.

According to the startup’s regulatory filing, the funding round included Singapore’s sovereign fund Temasek, Bertelsmann, Moore Strategic Ventures, Paypal, March Capital, and Huddle. Shiprocket allotted 59,793 Series E2 compulsory convertible preference shares (CCPS) at an issue price of INR 43,394.13 each in the new round, which appears to be a bridge funding round.

Temasek invested INR 75 Cr in the logistics startup, while Lighrock invested INR 78 Cr. Bertelsmann and Moore Strategic Ventures each contributed INR 38.9 Cr.

Individual Shiprocket promoters diluted around 2.7% of their stake in order to raise this round.

Shiprocket was valued at $1.2 billion in the most recent funding round, according to Inc42, joining the ranks of Delhivery, Xpressbees, and BlackBuck as unicorn logistics startups.

Shiprocket had previously raised $185 million in funding led by food delivery giant Zomato and Light Rock India. Moore Strategic Ventures, March Capital, 9 Unicorns, and InfoEdge Ventures participated in the most recent funding round, which valued Shiprocket at around $950 million.

Shiprocket has recently been on an acquisition binge in order to expand its product offering and increase its dominance in the logistics sector.

In the last ten months, the Gurugram-based startup has acquired Wigzo, Rocketbox, Glaucus, Pickrr, and Omuni. According to media reports, Shiprocket is also in talks to acquire Shyplite’s Indian business.

Shiprocket has joined the country’s unicorn club after raising $32.6 million (INR 259.4 crore) in a new funding round led by Light Rock India.

Aside from the acquisition, Shiprocket has been providing funding to logistics startups. It has invested in a variety of startups, including Woovly, Eat Better, BoldCare, EvenFlow, and Logibricks.

Shiprocket, founded in 2017 by Saahil Goel, Vishesh Khurana, Gautam Kapoor, and Akshay Gulati, claims to meet the logistics needs of 2.5 lakh sellers. According to the startup, it ships to more than 70 million customers each year.

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