It seems that today, India is getting more unicorns by the day than it did in a year earlier. Since 2020, the number of startups entering the unicorn club has been pretty impressive.
In 2022 itself, there have been more than 100 startups have joined the billionaire club and the year is yet to come to an end.
Zomato-backed SaaS-based logistics startup Shiprocket has become the latest entrant to the country’s unicorn club. The startup became India’s 106th unicorn after raising $33.5 million (about Rs 270 crore) in a funding round co-led by Temasek and Lightrock India.
As per Inc42, in the fresh round, which seems to be a bridge funding round, Shiprocket allotted a total of 59,793 Series E2 compulsory convertible preference shares (CCPS) at an issue price of INR 43,394.13 each.
While Lightrock invested INR 78 Cr, Temasek infused INR 75 Cr in the logistics startup. Bertelsmann and Moore Strategic Ventures pumped in INR 38.9 Cr each. To raise this round, individual promoters of Shiprocket diluted around 2.7% stake.
Let’s learn more about Shiprocket and how it achieved this success today.
About Shiprocket
Shiprocket, a product of Bigfoot Retail Solution Pvt. Ltd., is India’s best logistics software, which offers you an automated shipping solution.
Other than logistics, Shiprocket also provides many benefits like warehousing, packaging, and other related services. The brand delivers to 220 countries and over 27,000 pin codes across India at the lowest rates. Shiprocket has taken a step forward in simplifying eCommerce for Indian merchants and saving their precious time and money.
The company was founded in 2017 by Saahil Goel, Gautam Kapoor, Vishesh Khurana, and Akshay Ghulati.
Saahil, co-founder of Shiprocket wanted to build a technology that will help small businesses to come online without any hassle of logistics. He started it as a part-time venture from the USA with his friend Gautam in India. Saahil later realized that he has to get into it full-time to see actual results and so, he shifted to India.
Business Model
Shiprocket makes money from every shipment that is enabled/moved through its platform. Along with that, it also extends fee-based subscription options for medium-large sellers, which gives them negotiated shipping rates, numerous e-commerce channel integrations, and urgent support.
Some of Shiprocket’s notable clients include Dr. Vaidya’s, MamaEarth, Gillette, Boat, mCaffeine, Nappa Dori, Relaxo, Proline, The Beer Cafe, Bira, Bodycare, Da Milano, Cureveda, and more.
