Logistics platform Shiprocket makes it to the unicorn club after raising ₹260 crores (around $33 million) from existing investors Temasek Holdings and Light rock India.
After the latest investment, the Zomato-backed company bumped up its overall valuation to $1.2 billion from its previous valuation of $900-$950 million, which was estimated after shiprocket raised $185 million in a round led by food delivery company Zomato, Temasek and Light rock in December.
With this latest investment, Temasek’s shareholding in the company will increase to 5.75%, while Lightrock’s stake will touch 4.79%.
Other investors in the current round include Bertelsmann India, March Capital Partners, Moore Strategic Ventures, Huddle Collective, and Paypal.
The fresh funding comes at a time when the company has been on an acquisition spree. Earlier in June Shiprocket acquired a majority stake in rival Pickrr for about $200 million and is in talks to closing a deal with Shiplyte.
The company also acquired Omni, the omnichannel technology business of apparel manufacturer and retailer Arvind Ltd, in a Rs 200 crore cash-and-stock deal in July.
“Internal investors were keen to double down on the firm, especially following the M&As Shiprocket has done and its plan to scale up its Software-as-a-Service (SaaS) offerings,” a person briefed on the new funding round said.
Sprocket’s emergence as a unicorn comes at a time when the nation is experiencing a slowdown in big-ticket funding deals.
With 100 unicorns, and 44 of them added in 2021 when the markets were flush with funds, Shiprocket is India’s 20th unicorn to emerge in 2022.