Shiprocket enters unicorn club

Shiprocket has become the newest company to join the unicorn club by receiving fresh funds at a valuation of more than $1 billion. The company has allotted 59,793 preference shares at an issue price of Rs 43,394.13 per share to raise Rs 260 crore.

Light Rock India and MacRitchie Investments led the Series E funding round with Rs 78 crore and Rs 75 crore respectively, with participation from other investors including Bertelsmann Nederland BV, Moore Strategic, Paypal and MCP3 SPV LLC that collectively participated with Rs 107 crore.

Shiprocket provides technology solutions to help retailers integrate their shopping websites across enablers such as Shopify, Magenta and others. According to the company, around 250K sellers use its product and services and it enables delivery of 70 million shipments each year.

In December last year, the company was valued at around $930 million when it raised $185 million in a Series E round co-led by Zomato, Temasek and Lightrock India. Since then, it has made three back-to-back acquisitions including Arvind Internet Limited’s Omuni, Rocketbox and Pickrr.

Till date, there have been 106 unicorns in the Indian startup ecosystem. Of these, 43 startups achieved the feat last year, whereas 21 startups have managed to go past the $1 billion valuation mark in 2022 so far.