India's latest unicorn - Shiprocket

After receiving $33 million as part of a Series E round from versatile investors for startups, securing investments from Zomato, Temasek, and LightRock in the first tranche, the logistics technology platform Shiprocket became a unicorn this year. We have combed through the Delhi-based company's regulatory filings to decipher the round break-up, cap table with all investors for business, and valuation even though it withheld more information about the funding round. At a post-money value of $930 million after this round of start up investment, the Shiprocket board of directors has approved 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).

The company joined the elite unicorn club by contributing an extra $33 million to the Series E investment supported by Temasek and Lightrock. In Series E, LightRock contributed Rs 315 crore ($40.4 million), Zomato invested Rs 450 crore ($57.7 million), and Teamask invested Rs 446 crore ($57.2 million). The latest round of funding for Shiprocket included contributions from Moore Strategic, Info Edge, Bertelsmann Nederland, and other individuals totalling Rs 491 crore ($62.9 million). This funding was announced soon after the firm partnered with India's leading revenue-based financing platform Klub to provide financing products to sellers on their platform.

Fintrackr believes that the firm is worth $1.23 billion (post-allotment). To present, investment for Shiprocket has totaled roughly $315 million. Saahil Goel, Gautam Kapoor, and Vishesh Khurana founded the company which offers technological solutions to assist merchants in integrating their shopping websites across enablers like Shopify, Magenta, and others. The firm claims that almost 250K vendors utilise its goods and services, which allow for the delivery of 70 million shipments annually.

Following this round of fund raiser for startup (Series E), Bertelsmann became the company's largest shareholder with a holding of over 25%, followed by Tribe Capital with a 15.8% interest. Temasek, Lightrock, and Zomato control 5.8%, 5.6%, and 3.9% of the market, respectively. The original team as a whole owns 11.8% of the company, compared to Akshay Ghulati, chief business officer of Shiprocket, who was promoted to co-founder in 2020, who owns only 0.4%.

Shiprocket is a market leader in its sector, as seen by its topline, which grew by 70.7% annually in FY22 and crossed the Rs 600 crore revenue threshold. In FY22, the firm reported a loss of Rs 93 crore as opposed to a profit of Rs 12.4 crore in FY21. It has acquired three companies, including Omuni from Arvind Internet Limited, Rocketbox, and Pickrr.

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