The round provides an exit to some early buyers within the firm with returns ranging between six-seven instances, the corporate stated. The capital infusion additionally brings the entire capital raised by the eight-year-old firm to $53 million.
Shiprocket stated it is going to use the funds for improvement of its product roadmap, together with hiring expertise throughout product and engineering roles, and growth globally.
“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,” stated Saahil Goel, cofounder of Shiprocket.
Goel stated the corporate has seen a 2.6-2.7X enhance in cargo volumes between January 2020 and January 2021. However, development in its service provider base has far outstripped this with almost a 5-6X enhance to 100,000 retailers.
“We were able to get a lot more long tail and younger merchants during Covid and our seller acquisition just went through the roof. We found all kinds of merchants getting online, whether it was small shops, D2C brands or larger brands exploring their hands at going D2C,” Goel stated.
Shiprocket claims it turned worthwhile in FY19 and as we speak is at an annualised income run price of $50-60 million. It additionally says it really works with over 100,000 retailers and processes round 4 million shipments month-to-month, servicing round 26,000 PIN codes in India, other than having a presence in over 220 different nations.
“E-commerce growth is being led by D2C brands, and Shiprocket’s solutions help enable their growth,” stated Rajan Mehra, Partner at March Capital. “Shiprocket has simplified post-purchase experience for thousands of sellers and millions of buyers, and we are excited by their plans for the future of e-commerce.”
Shiprocket had beforehand raised $26 million in funding from Bertelsmann India Investments, Nirvana Venture Partners, Beenext and 500 Startups. The firm works with manufacturers such as Koovs, Bausch and Lomb, Boat, Mamaearth and XYXX, it stated.