Delhi-based logistic company Shiprocket has raised $41.3 million in Series-D1 funding led by PayPal Ventures and existing investor Bertelsmann India Investments.
The latest fundraising has taken the total funding of the direct-to-consumer (D2C) retailer to $94.3 million, Mint reported. New investor Info Edge Ventures, existing investors including Tribe Capital and March Capital and strategic partners such as Razorpay and Innoven Capital, and entrepreneurs including Cred founder Kunal Shah and Deepinder Goyal, founder, Zomato also participated in the latest round, the report added.
"Shiprocket’s mission, ever since its inception, has been to help merchants focus on what they do best and ease their burden by taking on the heavy lifting of supply chain automation. D2C commerce forms roughly 15% of the overall e-commerce market in India; this is projected to grow to 30-35 percent in the next five years," Saahil Goel, CEO, and co-founder of Shiprocket told the publication.
A part of the funds raised will be utilised towards new strategic initiatives, like global expansion starting with the Middle East.
Moneycontrol could not independently verify the report.
Shiprocket had hired 62 employees in the January-March quarter, Goel earlier said as logistics companies went on a hiring spree adding tens of thousands of people in recent months as the pandemic has crippled traditional sales channels and boosted demand for shipment and delivery services needed for online shopping.
"Shiprocket has excelled by focusing on building products that solve major logistical problems for businesses as they scale, much like PayPal has supported merchants with payments. We’re thrilled to join Shiprocket as an investor and support the development of its tools that will continue to shape the dynamic commerce ecosystem in India for years to come," Marc Donnadieu, director, PayPal Ventures said, according to the report.