Shiprocket, a logistics technology platform, turned a billion-dollar company this year. They raised $33 million in Series E investment from Zomato, Temasek, and LightRock. The Delhi-based company hasn’t provided any more details about the financing round. Fintrackr has analyzed the filings for further insight and found that:
Shiprocket has passed a resolution to allocate 4 million shares at Rs 34,028.48 each to raise Rs 1,442 crore ($185 million) at an estimated post-money valuation of $930 million.
As an extension of their Series E round, the company picked up an additional $33 million led by Temasek and Light Rock. They also became a member of the unicorn club. In order to fund this round, the company passed a resolution for 59,793 preference shares at an issue price of Rs 43,394.13 per share, which would raise over Rs 260 crore ($33.3 million). This resolution was submitted to the RoC according to their filing.
Zomato and Teamask invested $57.7 million and $57.2 million in Series E, respectively, while LightRock also invested $40.4 million. Moore Strategic, Info Edge, Bertelsmann Nederland, and other individual investors collectively invested $62.9 million in Shiprocket’s newest round of funding.
According to Fintrackr, the company has been valued at $1.23 billion (post-allotment). Shiprocket has raised around $315 million in funding to date.
Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is an Indian company that provides technology solutions to help retailers integrate their websites across various e-commerce platforms. The company claims to earn 250 thousand customers who use its product and service, enabling 70 million shipments each year.
Prior to the Series E funding round, Bertelsmann was the largest stakeholder in Zomato with just over 25%. Tribe Capital is currently the second largest shareholder with just over 15%. The team that founded Zomato in 2008 collectively holds 11.8% of the company. Shiprocket’s chief business officer, Akshay Ghulati, who was appointed co-founder in 2020 and helped lead multiple acquisitions for Zomato, holds about 0.4% of the company.
Shiprocket is a market leader in its space and this was evident from its topline which passed the Rs 600 crore revenue mark with 70.7% year-on-year growth in FY22. The company posted a loss of Rs 93 crore in FY22 as compared to Rs 12.4 crore profit in FY21. In the last fiscal year, it completed three acquisitions, including Omuni, Rocketbox, and Pickrr.
The company has recently partnered with Klub, a revenue-based financing platform for merchants. It has also joined Open Network for Digital Commerce (ONDC) in order to provide same-day shipping services to its customers.