Tribe Capital is in talks to lead a $75 million to $100 million financing in logistics aggregator Shiprocket, according to a person familiar with the matter, a notable financing deliberation at a time when Indian startups are struggling to raise capital.
The sources, who requested anonymity because the deliberations are private, said that financing talks are continuing and terms may change. Tribe Capital declined to comment, while Shiprocket did not immediately respond.
Headquartered in New Delhi, Shiprocket operates an e-commerce logistics and shipping software solution for courier services. Its platform uses a machine learning-based data engine that recommends the right courier service for a company, selects the courier company, prints shipping labels, and tracks orders from a single dashboard, enabling companies to manage their shipping and returns simply and efficiently.
Shiprocket, which counts Temasek and Zomato among its backers, aims to be ready to go public in the next 12 to 18 months, according to a company memo reviewed by TechCrunch. The source said that the annual operating rate at the end of September amounted to more than $165 million.
Shiprocket says on its website that it works with 250,000 merchants in India, who handle up to 200 million transactions annually.
The startup plans to expand its financing option to include merchants and buy now, pay later offers for consumers. The internal memo said it expects its revenue to grow to about $500 million by the end of 2025.
Tribe Capital, Shiprocket’s current backer, is looking to expand its focus in India. Its president Arjun Sethi told Indian daily Economic Times earlier this year that the company was looking to raise a $250 million fund focused on India.