New-Delhi, India-based logistics aggregator Shiprocket has today raised $13 million in a Series C funding round led by the Silicon Valley-based Tribe Capital, with participation from Innoven Capital and existing investor Bertelsmann India.
Shiprocket works with direct-to-consumer sellers including several social media influencers. The company will deploy fresh funds towards its global expansion and expanding its data science and engineering teams.
The startup already ships shipment overseas, it claims it delivers in more than 26,000 zip codes in India and 220 additional countries and markets.
The company already ships goods overseas and claims to deliver to over 26,000 zip codes across India and around 220 additional countries and markets. The company works with over 35,000 sellers in India and processes about 2 million shipments every month. Shiprocket’s clientele includes Gillette, Mamaearth, The Beer Cafe, Aakaash Institute, Bira among others.
Arjun Sethi, co-founder of Tribe Capital, affirming the investment in Shiprocket in a statement said,
“One of the reasons why the United States and emerging economies have thrived over the last 50 years has been a healthy dynamic of small to medium entrepreneurial businesses alongside consolidation and scaling corporations,”
Speaking of the core issues which SMEs deal with, Sethi further added,
“We invested in Shiprocket because they empower the small to medium businesses that truly represent the heart and soul of any emerging economy. Today, the SME segment lacks capital finance and credit, infrastructure, technology, and marketing strategies. Shiprocket has enabled these businesses to grow at a time of emerging competition enabled by mobile internet and corporations,”
The company in a statement also mentioned that it was profitable in FY19 with an annualised revenue run rate between $25 million to $30 million.