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The company claims the sovereign LLM, built entirely in India, will cut catalogue and content creation time by up to 40 percent.
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Zomato and Temasek-backed Shiprocket is looking to raise between Rs 2,000-2,400 crore via its initial public offering (IPO).
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A key focus of Shiprocket’s business is to serve India’s long tail — millions of small and midsize sellers who are not served by large marketplaces or enterprise tech providers.
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India must soon catch up with backward integration of products and skilling to support manufacturing.
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Shiprocket was founded by Saahil Goel and Gautam Kapoor in January 2012. It also counts Info Edge Ventures, PayPal, Bertelsman India Investments, Lightrock and March Capital as investors
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In August, DGFT invited proposals for creation of e-commerce export hubs to expedite clearance of e-commerce exports, ensuring quicker delivery of goods
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Logistics aggregator has racked up a suite of around 15 products across areas like WhatsApp commerce, influencer marketing, revenue-based financing, telemarketing in a bid to access more bulky revenue pools
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The government has also signed a Memorandum of Understanding with Shiprocket to boost the export competitiveness of small enterprises via e-commerce at the district level.
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Zomato has rubbished reports claiming that it will acquire startup Shiprocket for $2 billion. The company provided clarity due to the significant scale and potential market impact of the reported deal.
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The brokerage, which has a buy call on Zomato, said that this looks like an unrelated acquisition on the face of it
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Shiprocket Capital presents a big opportunity for the 3 lakh merchants on the platform with a gross merchant value of over Rs 30,000 crore to scale their business and secure up to Rs 10 crore in revenue-based financing, it stated.
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As a part of this partnership, all eBay cross-border trade sellers from India will be able to choose its cross-border shipping solution, Shiprocket X, as their shipping partner for eBay shipments, the company said in a statement.
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The Memorandum of Understanding (MoU) was signed between India Post, Shiprocket and Pickrr at Dak Bhawan.
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Shiprocket's journey began in 2012 as Bigfoot retail solutions, as an ecommerce marketplace like Shopify. It later pivoted based on demand to a logistics tech platform that wants to provide an Amazon Prime like experience for direct to consumer brands in India. It uses a data engine that recommends courier service for a business and chooses a courier company, prints shipping labels, and tracks orders from a single panel. 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.
Shiprocket, which counts Zomato as a strategic investor, became a unicorn earlier this month when it issued shares to existing investors at a valuation of $1.2 Billion.
On this episode, the founders of Shiprocket sooke about
- Its tale of pivots before it found a compelling product market fit
- Raising funds amid a funding winter
- Life after unicorn
- Global ambitions
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BII recently invested in two future-of-work themed start-ups from its newly announced fund of $500 million to be invested into Indian start-ups in the next few years.
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Our specially curated package of the most interesting articles to help you stay at the top of your game.
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The deal comes about a month after Shiprocket acquired a majority stake in logistics firm Pickrr for USD 200 million in a mix of equity and cash transaction.
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In 2021, Shiprocket raised $185 million in a Series E round co-led by Zomato and Singapore's sovereign wealth fund Temasek
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Shiprocket and Pickrr cater to India's burgeoning D2C (direct-to-customer) sector, where enterprises book order online and deliver it directly to customers.
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The two logistics companies together process 10 million shipments per month with a customer base of over 75,000 merchants including D2C brands, SME e-tailers, and social commerce sellers
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Apart from Vedantu and ShipRocket, 9Unicorns has so far invested in startups like Melorra, Reshamandi, Biddano, BluSmart, IGP.com, Faarms, Instoried and GoQii, through its maiden fund.
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Shiprocket and Glaucus will build solutions that improve speed, accuracy, reliability and efficiency in the post purchase process across trade channels.
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The Gurugram-based company has invested $5 million in UrbanPiper as part of a larger $24 million round for a 19 percent stake and $15 million in Adonmo to acquire 5 percent stake
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The acquisition comes soon after Shiprocket announced its commitment to acquire a majority stake in Delhi-based Wigzo Tech.
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Wigzo Tech offers an enterprise automation suite that provides intelligence on customer purchasing behaviour
