Shiprocket, a New Delhi-based logistics aggregator that works with direct-to-consumer sellers together with a number of social media influencers, has raised $13 million in a brand new financing spherical because it appears to be like to broaden its platform abroad.
Silicon Valley-based funding agency Tribe Capital led Shiprocket’s Series C financing spherical. Innoven Capital and present investor Bertelsmann India Investments additionally participated within the spherical, which brings the three year-old startup’s to-date funding to $26 million.
Shiprocket works with greater than a dozen courier corporations in India and negotiates phrases such because the charge and cargo monitoring with them on behalf of its sellers, Saahil Goel, co-founder and chief govt of the startup, advised TechCrunch in an interview final yr.
The startup in the present day works with greater than 35,000 sellers in India and processes about 2 million shipments every month. It additionally helps sellers with tackling gadgets that get misplaced through the cargo and enabling money on supply, the most well-liked fee choice amongst clients in India. Gillettte, magnificence product chain Mamaearth, beer franchise The Beer Cafe, teaching institute Aakaash Institute, and craft beer maker Bira are amongst some manufacturers that use Shiprocket’s service.
Shiprocket has additionally turn out to be one of many prime promoting companions for social media influencers in India who need to maintain the gadgets they promote to their followers themselves. In latest years, a wave of social commerce startups similar to Meesho, backed by Prosus Ventures and Facebook, and Simsim have emerged in India as they try and reshape how folks take into consideration shopping for on-line.
“One of the the reason why the United States and rising economies have thrived over the past 50 years has been a wholesome dynamic of small to medium entrepreneurial companies alongside consolidation and scaling firms,” mentioned Arjun Sethi, co-founder of Tribe Capital, in a press release.
“We invested in Shiprocket as a result of they empower the small to medium companies that actually signify the center and soul of any rising economic system. Today, the SME phase lacks capital finance and credit score, infrastructure, expertise, and advertising and marketing methods. Shiprocket has enabled these companies to develop at a time of rising competitors enabled by cell web and firms,” he added.
Shiprocket says it’ll use the contemporary capital to broaden its knowledge science and engineering groups and concentrate on new initiatives together with its worldwide expansions. The startup already ships cargo abroad, it claims it delivers in additional than 26,000 zip codes in India and 220 further international locations and markets.
The startup mentioned it was worthwhile within the monetary yr that ended on March 31, 2019 and has an annualized income run charge between $25 million to $30 million. It didn’t touch upon the impression coronavirus pandemic has had on its enterprise.