Shiprocket raises extended Series C round led by Tribe Capital, March Capital

BigFoot Retail Solutions, which operates ecommerce focussed logistics technology firm Shiprocket, has raised $27 million (Rs 200 crore) in an extended Series C round of funding. The round was co-led by returning investor Tribe Capital and new backer March Capital.

DST Global partner Rahul Mehta participated in the round alongside another Shiprocket existing investor, Bertelsmann India Investments.

Tribe Capital is a venture capital firm and March is a venture growth investor. Both firms are based in the US.

The company will use the capital raised in this round to hire people for its product, data, and engineering teams. It will use a part of the infusion to expand globally, it said in a statement.

“We are already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform, including storage, pick, pack and dispatch,” Shiprocket founder Saahil Goel said.

Shiprocket (formerly KartRocket) was founded by Goel, Gautam Kapoor and Vishesh Khurana in 2012. It provides an end-to-end commerce enablement solution which helps offline and online retailers build their omnichannel solutions. 

The company claims to currently process more than four million monthly shipments, enabling more than 100,000 sellers to sell directly to their consumers across India. The company also claims to be working with 17 logistics providers and connects merchants, consumers, and supply chain partners across 26,000 pin codes in the country and over 220 countries globally.

Shiprocket last raised $13 million in its Series C round of funding in May last year. Prior to that, it raised $4.1 million in a round led by Bertelsmann in January 2018, VCCircle reported. Nirvana Digital India Fund, Nirvana Digital Investment Holding Co Ltd and Singapore-based Beenext had also participated in the round.

The technology enabled logistics segment has seen a spate of funding deals in recent months.

In December last year, Pickrr Technologies raised $4 million in a round led by early stage venture capital firm Guild Capital and impact investment firm Omidyar Network India. In November, Llama Logisol, which operates SaaS logistics platform Shipsy, raised $6 million in a Series A round co-led by Sequoia Capital’s accelerator programme Surge. In August, RoboticWares, which runs logistics management startup FarEye, secured an additional $13 million in an extended Series D round. This came just months after FarEye raised around Rs 185 crore in its Series D round led by Microsoft’s corporate venture fund, M12. And, in May last year, Loadshare Networks raised around $13.3 million in its Series B round of funding.