With $32 million in investment, Shiprocket becomes a unicorn

18 Aug 2022 , 10:41 AM

According to the most recent regulatory filings obtained by business intelligence platform Tofler, logistics aggregator Shiprocket has accepted a Rs259 crore ($32 million) financing round from current investors Singapore’s Temasek and Lightrock India.

This raises its estimated value to $1.3 billion, making it the newest member of this year’s unicorn club. Startups with a $1 billion or higher valuation are known as unicorns.

After funding $185 million in a round led by food delivery service Zomato, Temasek, and Lightrock in December, Shiprocket was valued at $900-$950 million.

According to the records, Temasek’s stock would rise to 5.75% with the most recent investment, while Lightrock’s stake will reach 4.79%.
Bertelsmann India, March Capital Partners, Moore Strategic Ventures, Huddle Collective, and Paypal are additional investors in the current round.

The new capital comes at a time when the business has been actively pursuing acquisitions.

The rise of Shiprocket to unicorn status coincides with a decline in high-value funding transactions.

As tech investments throughout the world fell, Japan’s SoftBank announced its highest ever quarterly loss between April and June of $23.5 billion. Its founder Masayoshi Son claimed that for unicorn founders who are unable to accept a lower value in order to attract capital and who continue to believe in their previous valuation, the funding “winter” will persist longer.

Shiprocket is also essential to the government’s Open Network for Digital Commerce because of how its integration will make it possible to carry goods across cities.