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Paypal pumps in ₹305cr in Shiprocket
July 09, 2021
Shiprocket on Thursday said it has raised $41.3 million (about ₹305 crore) in Series D1 funding co-led by PayPal Ventures, the corporate VC arm of PayPal. The most recent mixture of capital brings Shiprocket’s total funding to $94.3 million.
The New Delhi-based organization said that it means to leverage these funds to fuel product development for both existing and new products, to invest in research and development, continue market expansion and speed up overall growth.
Direct-to-consumer (D2C) trade frames around 15% of the general online business market in India and this is projected to develop to 30-35 percent in the next five years.
“Shiprocket is democratizing best in class experiences for thousands of eCommerce brands that are delivering a huge number of products each month through our platform today,” said Saahil Goel, CEO, and Co-Founder of Shiprocket.
A part of the funds will likewise be coordinated towards the platform’s new strategic initiatives, incorporating worldwide expansion beginning with the Middle East, the organization said.
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