The growth of the E-Commerce sector has skyrocketed in India in the past decade or so. Many businesses have either partially or completely shifted to the online space now. With time more and more people have become comfortable using the net and are preferring to buy online instead of going to the market. Even various big brands are providing better offers and exclusive launches online to attract more buyers. It helps the brand to save on many kinds of expenses. However, many small businesses are still not able to afford to ship their products to different places. This makes them lose the opportunity to grow on a global level. This is what Shiprocket visions to solve in India.
Keeping this in mind four entrepreneurs namely Saahil Goel, Gautam Kapoor, Akash Ghulati, and Vishesh Khurana joined hands and launched India’s leading eCommerce enablement platform, Shiprocket in 2017. The New Delhi-headquartered firm aims to create a seamless logistics data platform that connects retailers, carriers, and consumers across national and international locations. Today, Shiprocket delivers packets to more than 70M consumers annually and is the platform behind 2.5 lakh plus sellers who generate a GMV of more than $2.5B annually.
Recent in News
As per the statement of the data cloud company, Snowflake, the B2B-modeled firm Shiprocket has successfully implemented its AI Data Cloud, looking to empower 1.5 lakh Indian merchants by fast-tracking access to data and hence faster business decisions, thereby giving them an edge in the respective businesses.
First Traction
Operating in the E-Commerce market the startup’s first funding round came way back in July 2013. The funding was done in the seed round and the amount funded was $250K. The investment was led by 500Global.
Year-over-Year Analysis
In 2020, the valuation of the New Delhi-based company was $81.8M as of March. The overall revenue generated in this year was ₹165.2Cr. The firm had raised $28.07M by the. A net profit of ₹10.1Cr was reported by the full-stack logistics platform.
For FY21, the total revenue surged to ₹365Cr from ₹165.2Cr in FY20. The observed growth rate was 120%. The Temasek-backed capital secured $34.9M of funds this year totaling its overall funding to $62.6M. The online services provider platform recorded a profit of ₹12.5Cr in 2021. The firm’s valuation stood at $612M as of July 2021.
In the next financial year, the logistic solutions provider company established itself as a unicorn as its valuation reached $1.2B. The revenue nearly doubled this year to ₹634.5Cr from ₹365Cr in last year. The observed growth rate reported was 74%. The overall funding stood at $263.6M. The company moved out of the profitability bracket for the first in the last couple of years as it recorded a net loss of ₹63.6Cr.
As of FY23, the growth rate observed was 78% as the total revenue generated was ₹1,126.7Cr. The B2B-modeled firm raised $312M money by various venture firms this year. The net losses skyrocketed to ₹333.8Cr in FY22-23 from ₹63.6Cr in FY22.
For the next fiscal year, the firm raised a funding of $11M in the Series E round totaling its overall funding to $323M. This latest investment was led by the US-headquartered venture capital AFOS. The E-Commerce company is yet to officially file its financial record for FY24 with the Registrar of Companies (RoC).
Expansion
Around the middle of last year the eCommerce fulfillment and warehousing solution provider for small and medium sellers, Shiprocket announced expanding its warehousing footprint with the opening of three new facilities in the country as it looks to enhance capacity by about 50% by this fiscal. The addition of these warehousing facilities in Mumbai, Bengaluru, and Gurugram will augment the total capacity by 4.3 lakh square feet.
Competitors
Alternatives and other businesses operating in the same space with Shiprocket include Unicommerce, Increff, ShopKirana, Bizom, Holisol, etc. The New Delhi startup currently has a market share of 33%.
Acquisition
The firm has made 5 strategic acquisitions to date. It includes the acquisition of Rocketbox, a B2B logistics aggregator platform, for an undisclosed amount. The Zomato-backed Shiprocet has also acquired a major stake in Glaucus Supply Chain Solutions. The third acquisition in 2022 of the E-Commerce shipping firm was of the customer data platform(CDP), Wigzo Tech. The company also acquired a majority stake in the e-commerce SaaS platform for D2C brands and SME e-tailers, Pickrr for $200M. Its 5th acquisition comes in the name of the omnichannel technology business of apparel manufacturer and retailer Arvind Ltd, Omuni in a ₹200Cr in cash and stock deal.
