Shiprocket raises USD 41.3 million from Paypal, Info Edge Venture, Others

E-commerce logistics firm Shiprocket stated that it had raised USD 41.3 million (INR 305 crore) in series D1 funding from a host of investors co-led by Paypal, Info Edge Venture, and Temasek Holdings. The latest round of capital infusion in the company will be utilized for product expansion and research and development (R&D), talent acquisition, and adjacent product development, Shiprocket, as per the release.

A part of the funds will also be directed towards the platform’s new strategic initiatives, including global expansion starting with the middle-east, which is also included in the release. The fresh capital will also help the company further accelerate its mission to democratize e-commerce fulfillment for the fast-growing D2C retailer segment, as per the press release. Other existing investors March Capital and Tribe Capital, also took part in the round, which also saw participation from strategic partners, such as Razorpay and Innoven Capital, and entrepreneurs such as Cred founder Kunal Shah and Zomato founder Deepinder Goyal, Shiprocket stated.

Launched in 2017, Shiprocket’s offerings include using machine learning algorithms to accurately predict delivery dates, helping merchants seamlessly choose across various courier partners, printing labels, and proactively share tracking updates with buyers, among others. Partnering with over 17 logistics providers, Shiprocket’s tech-enabled logistics platform connects merchants, consumers, and supply chain partners across 29,000 pin codes pan- India and over 220 countries and territories globally, as per the press release