Tribe Capital Ropes In Shiprocket Cofounder Vishesh Khurana To Lead Maiden India Fund

US-based venture capital (VC) firm Tribe Capital has reportedly roped in logistics unicorn Shiprocket’s cofounder Vishesh Khurana to lead its maiden India fund.

Last year, Tribe Capital said it was planning to set up a $250 Mn alternate investment fund (AIF) focussed on India, Economic Times reported.

“Expanding our investment footprint in the region entails a stronger local presence, which means more local partners and capital resources… To spearhead this initiative, Vishesh Khurana and Raj Snehil Juneja have joined Tribe Capital India, leading our India-focused endeavors alongside myself,” the report cited Tribe Capital cofounder and chairman Arjun Sethi as saying in an email. 

Juneja is the founder and CEO of VC firm First Unicorn Capital. As per his LinkedIn account, he joined Tribe Capital as its managing director for India in January this year.

“Vishesh has been instrumental to our growth and will continue to be core to Shiprocket’s success in the years to come. Tribe Capital has been a part of our journey since day 1, not just as an investor but also as a strategic advisor. Vishesh has played a key role in helping Tribe Capital establish its India presence over the last few months while being in the background. He will continue in his current role at Shiprocket. Over time, he will gradually transition to a larger role with Tribe Capital India.”

It is pertinent to note that shiprocket is a part of Tribe Capital’s portfolio. As per reports, the Zomato-backed unicorn is in talks to raise $70 Mn-$100 Mn in a funding round, which will be led by Tribe Capital.

The ET report said that around 70% of the new funding round would be a secondary component to give exit to Shiprocket’s early investors.

Shiprocket, founded in 2017 by Khurana, Saahil Goel, Akshay Gulati, and Gautam Kapoor, is an aggregator of third-party logistics companies. It works with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax. 

Shiprocket’s operating revenue jumped 78% to INR 1,089 Cr in FY23 from INR 611 Cr in the previous fiscal year. However, net loss widened 3.6X to INR 341 Cr during the year under review from INR 93.1 Cr in FY22.

The startup attributed the rise in its loss to the acquisition of Omuni for INR 200 Cr and its rival Pickrr for $200 Mn. 

Shiprocket has raised a total funding of over $270 Mn till date and counts the likes of Temasek, Bertelsmann, Moore Strategic Ventures, PayPal, and March Capital among its investors.

Update | 12:35 PM: The story has been edited to add Shiprocket’s comment.