Shiprocket Becomes India's 106th Unicorn After Raising $33.5 Mn

MUFG Bank, Koch Group Seek CCI Approval For Stake In Shiprocket

SUMMARY

Shiprocket raised around $32 Mn in a bridge round led by Lightrock India along with Temasek

The logistics startup was valued at around $1.2 Bn in the funding round, becoming the country’s 106th unicorn

Shiprocket has already acquired 5 startups this year and has made multiple investments

Zomato-backed SaaS-based logistics startup shiprocket has become the latest entrant to the country’s unicorn club. Shiprocket raised $33.5 Mn in a Series E2 round fresh funding round led by Lightrock India.

As per the startup’s regulatory filing, Singapore’s sovereign fund Temasek, Bertelsmann, Moore Strategic Ventures, PayPal, March Capital, and Huddle also participated in the funding round.

In the fresh round, which seems to be a bridge funding round, Shiprocket allotted a total of 59,793 Series E2 compulsory convertible preference shares (CCPS) at an issue price of INR 43,394.13 each.

While Lightrock invested INR 78 Cr, Temasek infused INR 75 Cr in the logistics startup.
Bertelsmann and Moore Strategic Ventures pumped in INR 38.9 Cr each. To raise this round, individual promoters of Shiprocket diluted around 2.7% stake.

As per Inc42’s calculations, Shiprocket was valued at $1.2 Bn in the latest funding round, joining Delhivery, Xpressbees, and BlackBuck in the list of logistics startups to turn unicorn.

The investment round came almost 10 months after Shiprocket raised $185 Mn led by food delivery giant Zomato and Lightrock India. The last funding round saw participation from Moore Strategic Ventures, March Capital, 9 Unicorns, and InfoEdge Ventures, and valued Shiprocket at around $950 Mn.

Of late, Shiprocket has been on an acquisition spree to expand its product offering and increase its dominance in the logistics sector. The Delhi NCR-based startup acquired Wigzo, Rocketbox, Glaucus, Pickrr and Omuni in the past ten months. As per media reports, Shiprocket is also in talks to acquire the Indian business of Shyplite.

Apart from the acquisition, Shiprocket has also been doling out cheques to startups in the logistics space. It has invested in startups such as Woovly, Eat better, BoldCare, EvenFlow, and Logibricks, among others.

Founded in 2017 by Saahil Goel, Vishesh Khurana, Gautam Kapoor, and Akshay Gulati, Shiprocket claims to serve the logistics demands of 2.5 Lakh sellers. The startup states that it ships to more than 70 Mn consumers annually.

The development was first reported by news portal Entrackr.

Update | 17th August, 19:20 IST

Shiprocket has officially announced raising of $33.5 Mn funding in Series E2 round and the same has been updated to reflect in the story.