Indian Economy News

Zomato-backed Shiprocket raises $33.5 mn, becomes India's 106th unicorn

  • IBEF
  • August 18, 2022

Shiprocket, a logistics technology platform supported by Zomato, raised US$ 33.5 million (about Rs. 270 crore) in a fundraising round co-led by Temasek and Lightrock India, becoming the 106th unicorn in India. With the new capital, Shiprocket was valued at about US$ 1.2 billion. Existing investors Huddle, March Capital, Moore Strategic Ventures, PayPal Ventures, and Bertelsmann India Investments participated in the Series E2 fundraising round as well.

Shiprocket was established in 2017 and now serves more than 66 million customers annually while tripling in size year over year. Omuni, a technology company owned by Arvind Internet Limited, was purchased by Shiprocket last month for Rs. 200 crore (US$ 25.11 million) in stock and cash. According to a statement from Shiprocket, the agreement would make use of the technology and resources of both firms to enable speedy, effective, hassle-free deliveries from the nearest store or warehouse in a bigger D2C commerce-enabling segment.

For over US$ 200 million (nearly Rs 1,560 crore) in June, Shiprocket purchased the majority of shares in Pickrr, an e-commerce software-as-a-service (SaaS) platform for D2C brands and SME e-tailers.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.