Eyeing expansion beyond online retailers, logistics unicorn Shiprocket seeks to enable ecommerce deals for the offline general trade segment
The company rolled out a WhatsApp storefront bot and is also launching a quick shipping service for small businesses and direct sellers
In April, Shiprocket raised $75 Mn from Silicon Valley-based Tribe Capital’s newly launched special purpose vehicle (SPV) in India
Eyeing expansion beyond online retailers, logistics unicorn shiprocket
seeks to enable ecommerce deals for the offline general trade segment.
As per ET’s report, citing chief executive Saahil Goel, the company rolled out a WhatsApp storefront bot and is also launching a quick shipping service for small businesses and direct sellers.
It has introduced the fast-delivery offering Shiprocket Quick across Delhi-NCR, Bengaluru, Hyderabad and Pune.
“We will build a new stack (for the offline merchant)…it will evolve as we work with these merchants,” Goel was quoted as saying by the report.
Inc42 has reached out to Goel for comments on the development. The story will be updated based on his response.
Founded in 2017 by Goel, Vishesh Khurana, Akshay Gulati and Gautam Kapoor, Shiprocket is an aggregator of third-party logistics companies. It works with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax.
This comes at a time when logistics startups have started gaining investors’ confidence in the last few months on the back of a shift in consumer lifestyle. Witnessing the opportunity of delivering everything to the doorstep of consumers, logistics firms have begun to race each other to expand their services.
For instance, Bhavish Aggarwal led ridesharing unicorn Ola has recently rolled out its grocery delivery through the Open Network for Digital Commerce (ONDC).
Earlier this year, hyperlocal delivery startup Magicpin forayed into the logistics aggregation segment with the launch of its new vertical Velocity.
In April, Shiprocket raised $75 Mn from Silicon Valley-based Tribe Capital’s newly launched special purpose vehicle (SPV) in India. This fundraise is anticipated to involve both primary and secondary transactions, potentially valuing the startup at $1.2 Bn.
Delhi NCR-based logistics unicorn witnessed a 78% increase in its operating revenue of INR 1,089 Cr in the financial year ending on March 31, 2023, a 1.7X upswing from INR 611 Cr, in the previous fiscal year.
However, the startup saw its net loss widen by 3.6X on the back of its multiple acquisitions. The logistics unicorn reported a net loss of INR 341 Cr in FY23, a 266% surge from INR 93.1 Cr it had reported in the previous fiscal year.
As per Inc42’s report, India houses more than 5,100 active e–commerce startups and several industry incumbents, which will drive the growth momentum. According to Mordor Intelligence, the country’s ecommerce logistics market size, estimated at nearly $4 Bn in 2024, is expected to hit $7.2 Bn by 2029, growing at a CAGR of 12.7%.
