Logistics firm Shiprocket reports Rs 595 crore net loss in FY24
Logistics and supply chain company Shiprocket has reported Rs 595 crore net loss in the fiscal 2024, a 75 per cent increase from Rs 340 crore loss in FY23.
Shiprocket has raised $27 million (nearly 200 Crore) in Series C3 funding, co-led by Tribe Capital and March Capital, the e-commerce shipping platform said on Thursday.
Tribe Capital is a leading Silicon Valley-based venture capital firm, while March Capital is Santa Monica-based venture growth firm.
The investments will be used towards aggressive product development roadmap, which includes hiring top talent across product, data, and engineering functions. The funds will also focus on the company’s new strategic initiatives, including expanding globally.
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“Shiprocket is the first and the largest D2C shipping enabler in India today. With the growth in D2C as a share of overall eCommerce, there is a growing opportunity to enable the full-stack of services in the post-purchase journey of the D2C consumer. We are excited with the promise the coming years hold for this market and are delighted to be partnering with the smartest capital in the industry along this journey,” said Saahil Goel, CEO and Co-founder, Shiprocket.
“Further, we want to invest in building world-class consumer experiences, as well as helping merchants, grow their business with allied services in the coming years,” he added.
Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments, the company said in a statement.
The latest round brings Shiprocket’s total funding to $53 million.
“We already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform include storage, pick, pack and dispatch,” Goel informed.
Launched in 2017, Shiprocket turned profitable in FY18-19 and has an annualised revenue run rate between $50-60 million. The company currently processes more than 40 lakh monthly shipments, enabling more than 1 lakh sellers to sell directly to their consumers across India.
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