Logistics technology platform Shiprocket’s turned unicorn this year after raising $33 million as a part of Series E round which saw investments from Zomato, Temasek, and LightRock in the first tranche. While the Delhi-based company did not disclose further details of the financing round, Marketmoney has sifted through its regulatory filings to decode round break-up, cap table, and valuation.
The board at Shiprocket has passed a special resolution to allot 4,23,848 preference shares at an issue price of Rs 34,028.48 per share to raise Rs 1,442 crore ($185 million) at a post-money valuation of $930 million.
Further, the company picked up another $33 million as an extension of the Series E round led by Temasek and Lightrock and entered into the coveted unicorn club. The company passed a resolution to allot 59,793 preference shares in its ongoing Series E round at an issue price of Rs 43,394.13 per share to raise Rs 260 crore ($33.3 million), according to its filing with the Registrar of Companies (RoC).
Zomato and Teamask invested Rs 450 crore ($57.7 million) and Rs 446 crore ($57.2 million) in Series E while LightRock participated with Rs 315 crore ($40.4 million). Moore Strategic, Info Edge, Bertelsmann Nederland and other individuals collectively pumped in Rs 491 crore ($62.9 million)in Shiprocket’s new round.
As per Marketmoney estimates, the company has been valued at $1.23 billion (post-allotment). Shiprocket has raised around $315 million in funding to date.
Founded in 2017 by Gautam Kapoor, Saahil Goel, and Vishesh Khurana, Shiprocket offers logistics services to small and medium-sized businesses (SMEs), and direct-to-consumer (D2C) brands and social commerce sellers across a variety of categories. The startup claims that it serves more than 29,000 pin codes in India and 220 other countries.
In a recent interaction in June with Marketmoney, Goel without disclosing the latest financials said that Shiprocket’s core business is profitable. In fiscal 2020-21, the company’s revenue stood at Rs 364 crore, up from Rs 161 crore in the previous financial year, according to Marketmoney data and intelligence platform VCCEdge. The company has yet to release the financial numbers for the financial year 2021-22. In July, Goel also said that the company is not looking for an initial public offering (IPO) now but wants to be ready for it without specifying a timeline.
For the past few months, Shiprocket has been actively chasing inorganic growth via acquisitions. Last month, Shiprocket announced the acquisition of Arvind Ltd’s omnichannel technology business Omuni for an estimated Rs 200 crore.
Omuni was Shiprocket’s fifth acquisition. Prior to this, the startup in June announced the acquisition of Pickrr for around $200 million in a mix of cash and stock deal.
Shiprocket is a market leader in its space and this was evident from its topline which passed the Rs 600 crore revenue mark with 70.7% year-on-year growth in FY22. The company posted a loss of Rs 93 crore in FY22 as compared to Rs 12.4 crore profit in FY21. It has made three acquisitions including Arvind Internet Limited’s Omuni, Rocketbox, and Pickrr in the last fiscal year.
The company recently tied up with revenue-based financing platform Klub to provide financing solutions for its merchants. It also joined the government’s e-commerce platform Open Network for Digital Commerce (ONDC) to enable same-day shipping services.