Jobaaj Stories
One month after we at Jobaaj reported about the emergence of 5ire, the unique blockchain startup, as India's 105th unicorn, Shiprocket has emerged as India's 106th unicorn.
Shiprocket, a product of BigFoot Retail Solution Pvt. Ltd., is one of India’s largest tech-enabled logistics and fulfillment platforms that aims to democratize the eCommerce landscape of the country. The company has tie-ups with multiple courier companies, and e-tailers and is capable of managing their orders and day-to-day operations, optimizing shipping, tracking, and much more from a single platform. It mainly provides logistics services to MSMEs and D2C brands.
The logistics unicorn was founded in 2017 by Saahil Goel, Gautam Kapoor, Akshay Ghulati, and Vishesh Khurana with Goel serving as company CEO. Today, the startup claims to have over 150k happy clients with services extending to 29,000 pin codes in India and 220 other countries.
The company is said to have raised around Rs 265 crores at a valuation of $1.2 billion. This round was led by Light Rock with an investment of Rs 78 crores. It was closely followed by Singapore's sovereign fund Temasek which invested Rs 75 crores.
This round of funding also saw the participation of famous investors like Bertelsmann, Moore Strategic Ventures, Paypal, March Capital, and Huddle. The company has allotted a total of 59,793 Series E2 compulsory convertible preference shares (CCPS) at an issue price of Rs 43,394.13 each. For the sake of this round, the individual promoters of the company have diluted around 2.7% stake.
The funding this time came 10 months after its previous fundraise of $185 million. The round had valued the company at $950 million and was led by food delivery giant Zomato and Light Rock ventures while seeing the participation of Moore Strategic Ventures, March Capital, 9 Unicorns, and InfoEdge Ventures as well.
As opposed to 2021, when funds were readily available for investment in startups, funds are in short supply currently. Edtech giant Unacademy has publicly announced various major cost-cutting measures & Japan's Softbank reported its highest ever quarterly loss of $23.5 billion. Even in these times, the emergence of a unicorn is a testament to the capabilities of Indian startups.
Article by Aman Agarwal.
This news story is brought to you in association with Jobaaj.com
