[Funding Alert] Shiprocket turns Unicorn with the latest funding led by LightRock India

Shiprocket e-commerce D2C fulfilment

Shiprocket becomes the latest company to join the unicorn club, as the logistics aggregator platform recently raised $32.6 Mn (INR 259.4 Cr) in a fresh funding round led by Light Rock India and become the latest entrant to the country’s unicorn club.

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.

According to reports, the company raised the new funding at a valuation of $1.23 Bn. It was valued at around $930 million in December when Shiprocket raised $185 million in a Series E round led by Zomato, Temasek and Lightrock India. It has since made three follow-on acquisitions, including Arvind Internet Limited’s Omuni, Rocketbox and Pickrr.

In the new round, which appears to be around bridge financing, Shiprocket has allotted a total of 59,793 Compulsory Convertible Preference Shares (CCPS) Series E2 at an issue price of INR 43,394.13 each. While Lighrock invested INR 78 Cr, Temasek put in INR 75 Cr in the logistics startup.

Bertelsmann and Moore Strategic Ventures pumped in INR 38.9 cr each. To raise this round, Shiprocket’s promoters diluted approximately 2.7% stake.

Light Rock India and MacRitchie Investments Pte. Ltd. (Temasek Holding) led this round with INR 78 million and INR 75 million respectively. Other investors including Bertelsmann Nederland BV, Moore Strategic, Paypal Inc. and MCP3 SPV LLC jointly participated with INR 107 crore in this ongoing Series E round.

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.

Shiprocket provides technology solutions that help retailers integrate their shopping sites with various enablers such as Shopify, Magenta and more. According to the company, its products and services are used by around 250,000 sellers and enable the delivery of 70 million shipments per year.

While Shiprocket is yet to file its FY22 financials, according to reports, its FY21 volume climbed 2.2x to INR 358 crore and posted a profit of INR 12 crore.

There have been 106 unicorns in the Indian startup ecosystem to date. Of these, 43 startups were added during the last year, while 21 startups have so far managed to surpass $1 billion in 2022. At the current rate, it looks like India won’t see as many unicorns this year as it will in 2021.

The funding environment for startups has become more difficult due to uncertainty in the global market. According to experts following the private equity space, the funding winter will directly affect the number of unicorns in 2022 and 2023, and the valuation of growth and late-stage companies will also be
affected.

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