Part of the funds will also be directed to the platform’s new strategic initiatives, including global expansion starting with the Middle East, he said.
The new capital will also help the company further accelerate its mission of democratizing e-commerce execution for the fast-growing D2C retail segment, the release said.
Other existing investors, March Capital and Tribe Capital, also participated in the round, which also involved strategic partners, such as Razorpay and Innoven Capital, and entrepreneurs such as the founder of Cred, Kunal Shah, and the founder of Zomato, Deepinder Goyal, said Shiprocket.
Saahil Goel, Co-Founder and CEO of Shiprocket, said, “We welcome PayPal Ventures and Info Edge Ventures and thank them for joining us on this journey with our existing investors. ”
“D2C (Direct-to-Consumer) commerce represents approximately 15% of the overall e-commerce market in India. This figure is expected to rise to 30-35% over the next five years. Shiprocket is democratizing best in class experiences for hundreds of thousands of e-commerce brands that now ship millions of items per month through our platform, ”he said.
Goel said there is abundant potential and opportunities for tech enablers like Shiprocket in this vast untapped market, adding that the future lies in having all the solutions in place for the post-purchase part of transactions. of e-commerce D2C.
“Shiprocket has excelled in focusing on creating products that solve major logistical challenges for businesses as they evolve, much like PayPal has helped merchants make payments,” said Marc Donnadieu, director of PayPal Ventures. .
Launched in 2017, Shiprocket’s offerings include the use of machine learning algorithms to accurately predict delivery dates, helping merchants seamlessly choose from various courier partners, print labels, and share information. proactively follow-up updates with buyers, among others.
Pankaj Makkar, Managing Director of Bertelsmann India Investments, said: “We look forward to seeing like-minded partners like Info Edge and PayPal join our capital table and support Shiprocket in its mission. ”
Stating that more than 100,000 online sellers in the country are currently using Shiprocket to streamline their post-payment process, from logistics to warehousing to reimbursement management, Kitty Agarwal, Info Edge Ventures partner said : “We are very excited to partner with them as they enter their next phase of growth and further facilitate operations and financing for their vendors.”
Partnering with over 17 logistics providers, Shiprocket’s logistics platform connects merchants, consumers and supply chain partners through 29,000 PINs across India and over 220 countries and territories in the world, according to the statement. IAS YEARS YEARS