Shiprocket raised $11 M Series E funding from McKinsey at flat valuation
Through its investment arm AFOS LLC, McKinsey’s extended Series E round has collected Rs 90.7 crore ($11 million) for Shiprocket. The Delhi-based company’s initial equity investment round for the current year is taking place now.
According to regulatory filings with the Ministry of Corporate Affairs (MCA), the board of directors at Shiprocket approved a special resolution to sell 20,913 series E2 preference shares at a price of Rs 43,394 in order to raise Rs 90.7 crore, or $11 million.
Following the transaction, McKinsey will hold a 0.91% share in the business through its investment arm AFOS LLC. TheKredible believes that the fresh capital was raised at a flat valuation of $1.23 billion.
Saahil Goel, Gautam Kapoor, and Vishesh Khurana founded Shiprocket, a company that offers logistics and supply chain solutions to retailers. These solutions enable businesses to combine their shopping websites with e-commerce platforms like Shopify, Magenta, and others.
In FY22, Shiprocket’s operating revenue increased by almost 71% to Rs 611 crore, according to startup data analytics platform TheKredible. In FY22, the company reported a loss of Rs 93 crore compared to a profit of Rs 12.4 crore in FY21. It hasn’t yet released FY23 financial data.
In its market, Shiprocket leads its direct competitors, which are NimbusPosts, iThink, Shipway, ShipEase, and Shipyard. For $200 million, Shiprocket last year purchased the bulk of Pickrr, an e-commerce SaaS platform for D2C brands and SME e-tailers.
With a holding of more than 25% as of the Series E round, Bertelsmann was the company’s largest shareholder. Zomato owns 5% of the company. Visit TheKredible to view the full shareholding.
Although the consulting giant McKinsey’s direct investments in Indian startups were not known, its partners and directors have supported domestic businesses like Bombay Shaving Company and self-drive auto rental startup Revv.
