Shiprocket Clears Rs.259 Crore Funding Round
A Rs 259 crore ($32 million) funding round from current backers Temasek in Singapore and Lightrock India has been cleared by logistics aggregator Shiprocket.
This raises its estimated value to $1.3 billion, making it the newest member of this year's unicorn club. Startups with a $1 billion or higher valuation are known as unicorns.
After funding $185 million in a round led by food delivery service Zomato, Temasek, and Lightrock in December, Shiprocket was valued at $900-$950 million.
According to the records, Temasek's stock would rise to 5.75 percent with the most recent investment, while Lightrock's stake will reach 4.79 percent.
Bertelsmann India, March Capital Partners, Moore Strategic Ventures, Huddle Collective, and Paypal are additional investors in the current round.
Shiprocket is also essential to the government's Open Network for Digital Commerce due to how its integration will make it possible to carry goods across cities
In July, it also paid Rs 200 crore in cash and equity to purchase Omuni, the omni-channel technology division of garment producer and retailer Arvind Ltd.
Players in the logistics industry are concentrating more on one- to two-day deliveries. Direct-to-consumer (D2C) brands typically find it difficult to fulfill orders swiftly on their own.
Deep discounting has been a point of contention between Shiprocket and modern logistics companies like Delhivery, Ecom Express, and Xpressbees.
Over 100 unicorns have been identified in India, and 44 more were added in 2021 when the markets were flooded with capital.
The 20th unicorn to appear in 2022 is Shiprocket.
The rise of Shiprocket to unicorn status coincides with a decline in high-value funding transactions.
Shiprocket is also essential to the government's Open Network for Digital Commerce due to how its integration will make it possible to carry goods across cities.