New Delhi-based Shiprocket, the logistic solution provider company has secured $13 million in a fresh round of fundraising led by Tribe Capital, a Silicon Valley-based investment firm. Dubbed as Series C round, it also saw capital infusion from Innoven Capital along with the existing backer, Bertelsmann India Investments. The current round takes the total amount raised by the company to $26 million.
Launched in 2016 by Gautam Kapoor, Saahil Goel, and Vishesh Khurana, Shiprocket is a tech-enabled aggregator which offers a complete eCommerce shipping Solution Company for Automated product shipment for your business.
The firm currently has more than 35,000 sellers in India who process nearly 2 million shipments every month. It counts names like Gillette, Mamaearth, The Beer Cafe, Bira, and Aakaash Institute among its customers.
Saahil Goel, the CEO of the company said that "As a truly disruptive platform, Shiprocket has offered numerous SMEs a cost-effective and world-class solution for e-commerce shipping. he boom in D2C brands and social selling across India has been facilitated by companies like ours who are committed to providing advanced technology and fulfillment solutions to online sellers enabling them to compete with larger brands and marketplaces.
Tribe Capital's Arjun Sethi commenting on the financing 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."
It will be interesting to see how the firm utilizes the freshly raised capital amid the ongoing slowdown all over the world due to the COVID-19 pandemic.
Image courtesy: Shiprocket