Logistics startup Shiprocket receives $13 million in Series C funding round

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Delhi-based logistics startup, Shiprocket has recently raised $13 million in its Series C funding round led by Tribe Capital. Innoven Capital and existing investor Bertelsmann India investments also contributed in the round. With the latest development, the startup has raised $26 million till date.

The startup works with Direct-to-consumer sellers and social media influencers who directly sell their products to their followers. They work with courier companies in the country and negotiate terms such as the fee and shipment tracking on behalf of the seller. Shiprocket has over 35,000 seller partners in the country and it does more than 2 million shipments a month. In addition to this, the startup enables cash on delivery and helps the sellers locate lost items during delivery.

Arjun Sethi, co-founder of Tribe Capital believes in Shiprocket’s services as they work to enable the SMEs and, in his opinion, SMEs play an important part in emerging economies. The client base of the startup looks impressive with Gillette, Mamaearth, The Beer Café, Coaching institute, Aakash and Bira among others on board. The company covers more than 26,000 zip codes in India and 220 in international markets.

The new investments will be used for hiring new talent in Data Management and Engineering teams as well expanding its presence overseas. The startup was profitable in previous fiscal year and has an estimated $25- $30 million annual revenue.

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