Shiprocket raises $33.5 million, becomes India's 106th unicorn

Image Courtesy: IANS

New Delhi: Zomato-backed logistics technology platform Shiprocket on Wednesday became India's 106th unicorn after raising $33.5 million (about Rs 270 crore) in a funding round co-led by Temasek and Light rock India. Shiprocket was valued at around $1.2 billion with a fresh round of funding. The fresh funds will help Shiprocket extend its operating system by building newer software and intelligence products along with deepening its capability in the fulfillment and same-day delivery experience, it said in a statement.

The Series E2 funding round also saw participation from existing investors, Bertelsmann India Investments, March Capital, Moore Strategic Ventures, PayPal Ventures, and Huddle."This investment will help accelerate our roadmap and will also help us bring world-class e-commerce experiences to every direct commerce retailer in India," said Saahil Goel, CEO, and Co-founder, Shiprocket.

Launched in 2017, Shiprocket delivers packets to more than 66 million consumers annually and is growing 3 times year on year. Last month, Shiprocket acquired omnichannel commerce company Arvind Internet Limited's technology business called 'Omuni' for Rs 200 crore in a stock and cash deal.

The deal will leverage both companies' technology and resources to enable quick, efficient, hassle-free deliveries from the closest store/warehouse in a larger D2C commerce enablement segment, Shiprocket said in a statement. In June, Shiprocket acquired a majority stake in Pickrr, an e-commerce software-as-a-service (SaaS) platform for D2C brands and SME e-tailers for around $200 million (nearly Rs 1,560 crore).