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by IANS |
New Delhi, Feb 18 (IANS) E-commerce aggregation platform Shiprocket on Thursday announced it has raised $27 million (nearly 200 Crore) in Series C3 funding.
The company said it will use the fresh funds towards aggressive product development roadmap, which includes hiring top talent across product, data, and engineering functions.
The funds will also focus on the company's new strategic initiatives, including expanding globally.
The fresh funding round was co-led by Tribe Capital, a leading Silicon Valley-based venture capital firm, along with March Capital, a Santa Monica-based venture growth firm.
"Shiprocket is the first and the largest D2C shipping enabler in India today. With the growth in D2C as a share of overall eCommerce, there is a growing opportunity to enable the full-stack of services in the post-purchase journey of the D2C consumer," said Saahil Goel, CEO and Co-founder, Shiprocket.
Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments, the company said in a statement.
The latest round brings Shiprocket's total funding to $53 million.
"We already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform include storage, pick, pack and dispatch," Goel informed.
Launched in 2017, Shiprocket turned profitable in FY18-19 and has an annualised revenue run rate between $50-60 million.
Shiprocket currently processes more than 4 Million monthly shipments, enabling more than 100,000 sellers to sell directly to their consumers across India.
