Shiprocket, a SaaS-based logistics business sponsored by Zomato, is the newest member of the nation’s unicorn club. In a new investment round known as Series E2, backed by Lightrock India, $33.5 million was raised by them.
Becoming the 106th Unicorn
In addition to Temasek, the government fund of Singapore, Bertelsmann, Moore Strategic Ventures, PayPal, March Capital, and Huddle took part in the investment round, according to the startup’s regulatory filing. Shiprocket distributed a total of 59,793 Series E2 CCPS in the new transaction, which appears to be a bridge fundraising round, at an issue price of INR 43,394.13 per share.
Temasek contributed INR 75 Cr to the logistics firm, while Lightrock contributed INR 78 Cr. Both Moore Strategic Ventures and Bertelsmann contributed INR 38.9 Cr. Individual Shiprocket promoters diluting 2.7% ownership to raise this round.
Shiprocket, which joined Delhivery, Xpressbees, and BlackBuck on the list of logistics businesses that have achieved unicorn status, was valued at $1.2 Bn in the most recent investment round, according to Inc42’s estimations.
Shiprocket and Others
Nearly ten months after Shiprocket raised $185 Mn in funding, driven by food delivery juggernaut Zomato and Lightrock India, an investment round was conducted. In the most recent round of fundraising, Moore Strategic Ventures, March Capital, 9 Unicorns, and InfoEdge Ventures participated. Shiprocket was valued at approximately $950 Mn.
Recently, they have been on an acquisition binge to broaden its product line and strengthen its position as the industry leader in logistics. In the last 10 months, the firm from Delhi, NCR, has acquired Wigzo, Rocketbox, Glaucus, Pickrr, and Omuni. According to media sources, Shiprocket is also in discussions to buy the Shyplite firm in India.
Along with the acquisition, the startup has been giving money to logistics-related firms. It has made investments in several firms, including Woovly, Eat healthier, BoldCare, EvenFlow, and Logibricks.
Saahil Goel, Vishesh Khurana, Gautam Kapoor, and Akshay Gulati founded Shiprocket in 2017, a company that says it can meet the logistical needs of 2.5 Lakh vendors. According to the startup, it ships to more than 70 million customers a year.
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