ship rocket
E-commerce logistics and delivery software solutions company Shiprocket sees itself as an innovative transformation tool aimed at revolutionizing online shopping. The company raised $33.5 million and became a unicorn in August 2022.
The company is focusing on WhatsApp after seeing that 30% of its transactions are initiated manually on the platform, primarily through the social media application's chat interface.
Saahil Goel, founder and CEO of ShipRocket, said in an interview with Moneycontrol: This is a very powerful tool for the SMB world. And it's actually a very powerful distribution channel because it exists for everyone in India. So over the next 12 to 24 months, we're going to see a lot more work on WhatsApp from the market and from us. ”
The company already integrates its SaaS dashboard with WhatsApp. According to the report, this will help sellers set up shopping experiences on social media apps.
Goel had a simple principle. It was about integrating logistics providers like Delhivery, Xpressbees, Ecom Express, FedEx, and Blue Dart into his one platform.
This allows small cosmetics and fashion brands to quickly select logistics partners, taking into account factors such as price and reputation. From FY2020 to FY2023, the company's revenue surged from Rs 161 crore to Rs 1,089 crore due to increased usage of e-commerce and emergence of new consumer brands.
Despite having a high gross merchandise value of 25,000 billion rupees ($3 billion) in fiscal 2024, Shiprocket faces challenges in consolidating logistics. Praful Poddar, chief product officer at Shiprocket, told Moneycontrol that logistics costs only account for 10-15% of the total expenses for small and medium-sized businesses, marketing at 30-40% and cost of goods sold at 20-25%. he said.
To address this, Shiprocket offers 15 products including influencer aggregation tools, telemarketing automation, revenue-based finance, WhatsApp commerce, ONDC integration, and a data analytics API marketplace for cross-selling to customers. Masu.
On the importance of moving up the value chain, the company said that according to Moneycontrol, at least 50% of its 100,000 monthly active sellers use at least three products.
The company was founded in 2012 and has raised $353 million to date. According to data platform Tracx, it is backed by investors including Temasek, PayPal, and Nirvana Ventures Advisors.
