Shiprocket's back to its favourite accelerant: acquisitions

livemint.com:

BENGALURU : Two years after the Zomato- and Temasek-backed Shiprocket gained its unicorn status, the logistics startup has embarked on a tried-and-tested route to accelerate growth—through acquisitions. Shiprocket is scouring for companies specialising in marketing and advertising tools, conversion and data platforms, customer experience enhancements, capital and lending services, and cross-border enablement, said co-founder and chief executive Saahil Goel in an interview with Mint. Goel declined to disclose the company's current cash reserves.

Shiprocket had last raised $11 million in funding from McKinsey in October. Currently valued at $1.3 billion, Shiprocket has raised about $350 million from a roster of investors including PayPal, Bertelsmann India Investments, and Tribe Capital, according to research platform Tracxn. Founded in 2017 by Gautam Kapoor, Goel, and Vishesh Khurana, Shiprocket entered the billion-dollar unicorn club in August 2022 following a $32 million investment round led by Temasek and Lightrock.

Also Read | In charts: Summer is here, but for India’s startups, funding winter is still on The Gurugram-based logistics unicorn had previously embarked on a 24-month acquisition spree following its $185 million Series E fundraise in December 2021. Over the past two years, Shiprocket has acquired five companies, including Glaucus Supply Chain Solutions, Wigzo, Pickrr, Omuni, and Rocketbox, to diversify and strengthen its service offerings. It also bought a majority stake in its direct competitor, Pickrr, for about $200 million in June 2022.