Logistics aggregator Shiprocket , that enables shipping for direct-to-consumer (D2C) retailers, has raised $41.3 million in Series D1 funding, co-led by PayPal Ventures, the corporate venture capital arm of American payments major PayPal Inc. and existing investor Bertelsmann India Investments. New investor Info Edge Ventures and existing backers March Capital and Tribe Capital took part in the round. The Delhi-based firm will invest the capital in existing and new products, research and development, hiring, continue market expansion and accelerate overall growth. Marc Donnadieu, director, PayPal Ventures said “Shiprocket has excelled by focusing on building products that solve major logistical problems for businesses as they scale, much like PayPal has supported merchants with payments. Launched in 2017, Shiprocket became profitable in 2018-19 is on track to close this 2021-22 at $100 million in annual recurring revenue (ARR).

Source: Mint July 08, 2021 01:30 UTC