Delhi-based logistics aggregator Shiprocket is in advance talks to raise $20-22 million in its fourth round of funding led by Santa Monica-based technology investment firm March Capital, sources said. Existing investors such as Silicon Valley-based Tribe Capital will also participate in the series D round.
While $7.5 million will come as a primary investment, the rest of the money will be secondary, allowing some of the old investors to exit the company, one of the sources said. If all goes well, the deal should close in the next couple of weeks.
Moneycontrol couldn't immediately ascertain the names of the investors exiting the company. Shiprocket had not responded to Moneycontrol’s email seeking its response.
The company last announced a $13-million fundraise in May from Tribe Capital in a series C round that had led to Shiprocket's international foray.
Shiprocket works with courier companies in India and connects merchants, consumers and supply-chain partners across thousands of pin codes in India and around the world.
Apart from shipping services, Shiprocket also offers a technology stack to assist retailers in integrating their online stores such as Shopify, Magento, WooCommerce and Zoho for workflow, inventory, and order management.
Earlier this month, Shiprocket also announced the opening of “fulfillment centres” in Bengaluru, Delhi, Gurugram, Kolkata and Mumbai, offering end-to-end inventory management and fulfillment services.The company also has Bertelsmann India Investments and Innoven Capital as its investors. It had raised its seed round from angel investors 5Ideas Startup Superfuel and 500 Startups in 2013. A year later, it secured its series A funding from Nirvana Venture Advisors, 500 Startups and Beenos.