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Zomato-backed Shiprocket enters Unicorn club after raising Rs 259 crore

Shiprocket was valued at around $1.2 billion with the fresh round of funding.

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Zomato-backed logistics technology platform Shiprocket on Wednesday, has turned into a unicorn after raising Rs 259 crore (roughly $32.6 million) in a funding round which valued the company at over $1.2 billion, regulatory filings sourced via Tofler showed. 
 
Launched in 2017, Shiprocket delivers packets to more than 66 million consumers annually and is growing 3 times year on year. According to Shiprocket's website, the company ships more than 2 lakh orders daily, helped along by robust demand in the direct-to-consumer (D2C) market and a number of e-commerce businesses trying to improve their supply chains to meet the exploding demand in non-metro cities.
 
According to a statement from Shiprocket, the additional funding would enable it to further develop its fulfilment and same-day delivery capabilities while also extending the functionality of its operating system.
 
Shiprocket has issued 59,793 compulsory convertible preference shares (CCPS) at a premium, in an extended Series E round. Existing investors like Temasek, Bertelsmann 
Nederland, Moore, Huddle Collective, PayPal and Lightrock were issued fresh shares.
 

"This investment will help accelerate our roadmap and will also help us bring world-class e-commerce experiences to every direct commerce retailer in India," said Saahil Goel, CEO and Co-founder, Shiprocket.
 
Omuni, a technology company owned by Arvind Internet Limited, was purchased by Shiprocket last month for Rs 200 crore in stock and cash.
 
The deal will leverage both companies' technology and resources to enable quick, efficient, hassle-free deliveries from the closest store/warehouse in a larger D2C commerce enablement segment, Shiprocket said in a statement.
 
Shiprocket has also acquired Picrr with a majority stake. Pickrr mentioned that Shiprocket is also exploring the idea of acquiring two-three companies over time after it has already acquired Omuni, Pickrr, Wigzo, Glaucus logistics, Rocketbox, Rocket.
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