Tribe Capital eyes leading $75M-plus funding in India’s Shiprocket

Tribe Capital is in talks to lead a $75 million to $100 million funding into the logistics aggregator Shiprocket, according to a person familiar with the matter, a notable financing deliberation at a time when Indian startups are struggling to raise capital.

The funding talks are ongoing and the terms may change, the people said, requesting anonymity as the deliberations are private. Tribe Capital declined to comment, whereas Shiprocket didn’t immediately respond.

New Delhi-headquartered Shiprocket operates an e-commerce logistics and shipping software solution for courier services. Its platform employs a machine learning-based data engine that recommends proper courier service for a business and chooses a courier company, prints shipping labels, and tracks orders from a single panel, enabling businesses to manage their shipping and returns simply and effectively.

Shiprocket, which counts Temasek and Zomato among its backers, is aiming to become IPO-ready in the next 12 to 18 months, according to a company note reviewed by TechCrunch. Its annualized run rate, at the end of September, stood at over $165 million, the source said.

On its website, Shiprocket says it works with 250,000 merchants in India, who do as many as 200 million transactions a year.

The startup plans to expand its financing option to merchants and buy now, pay later offerings to consumers. It has projected to grow its revenue runrate to about $500 million by the end of 2025, the internal note said.

Tribe Capital, which is an existing backer of Shiprocket, is looking to expand its India focus. Its leader Arjun Sethi told Indian daily Economic Times earlier this year that the firm is looking to raise a $250 million India-focused fund.

READ MORE  The Boy & the Heron Breaks North American Record in Opening Weekend

Leave a Comment