Zomato-backed Shiprocket enters unicorn club with Rs 259-crore fundraise

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Zomato-backed Logistics startup Shiprocket has raised Rs 259 crore in an extended Series E round at a post-money valuation of Rs 9,815 crore (around $1.2 billion), according to company filings with the Ministry of Corporate Affairs (MCA).

The filings showed that Shiprocket has issued fresh shares to existing investors Temasek, Bertelsmann, Moore, PayPal and others. The company did not respond to a Moneycontrol query about the new funding round till the time of publishing.

Entrackr was the first to report the development.

In 2021, Shiprocket raised $185 million in a Series E round co-led by Zomato and Singapore's sovereign wealth fund Temasek at a valuation of $930 million. 

Shiprocket acquired textile manufacturer Arvind’s SaaS business Omuni in a Rs 200-crore cash-and-stock deal last month. In June, the company inked an agreement to acquire a majority stake in logistics tech startup Pickrr in an estimated $200 million deal comprising cash, stock and earn-out.

Established in 2017, Shiprocket started as a DIY technology stack focusing on social sellers and small and medium enterprises (SMEs). With over 17 courier partners on board, the company enables pan-India as well as international shipping deliveries. Its shipping solutions are available across more than 29,000 pin codes in India and 220 destinations worldwide.

The company said earlier that it works with 2.5 lakh plus sellers at present who generate a gross merchandise volume of more than $2.5 billion annually. The platform delivers packets to more than 70 million consumers annually and is growing transactions 2.5-3X year on year.