Shiprocket to Raise ₹219 Crore in Series E Extension Round

- Aishwarya Bhatt  December 30, 2024

Bengaluru-based logistics and supply chain platform Shiprocket has announced plans to raise ₹219 crore ($26 million) as part of its Series E funding extension. The round is led by KDT Ventures, with significant participation from MUFG Bank, Tribe Capital, and SAI Global.

The company's board has approved the issuance of 50,461 Series E3 Compulsorily Convertible Preference Shares at ₹43,394 per share. KDT Ventures will contribute ₹124.5 crore, while MUFG Bank and Tribe Capital will invest ₹49.8 crore and ₹6.23 crore respectively. Additional investments include ₹38 crore from SAI Global India and ₹34.7 lakh from Huddle Collective.

Following this funding round, Shiprocket's valuation is expected to reach approximately ₹10,195 crore ($1.21 billion), maintaining its unicorn status in the logistics sector. The company has raised over $320 million to date, including a recent $11 million round led by McKinsey.

Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket offers businesses an integrated platform for shipment processing, courier integration, and real-time tracking. For the fiscal year ending March 2024, the company reported a 21% year-on-year revenue growth to ₹1,316 crore despite posting losses of ₹595 crore.

The company operates in an increasingly competitive market, where its nearest rival, Unicommerce, had its position in the market by acquiring Shipway. Shiprocket's impressive investor roster includes Bertelsmann Nederland B.V., Zomato, Temasek, LightRock, and PayPal, reflecting strong market confidence in its business model.

As Shiprocket innovates in India's growing logistics sector, the fresh capital will be used for expansion plans, technology enhancement, and service offering development.