Shiprocket Funding: Logistics technology platform Shiprocket has said that it has signed a definitive agreement for a $185 million (Rs 1,380 crore) Series E funding round co-led by Zomato, Temasek and LightRock India.
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Ruckus over investment announcement
Former Infosys CFO TV Mohandas Pai has made a tweet after which this funding of Zomato has created a ruckus. Mohandas Pai wonders if it is a unique case if both a promoter and a listed company invest in a startup. In fact, Deepender Goyal, the founder of the listed company, has already invested in that startup.
common interest of the company and the promoter
What Mohandas Pai means is that Zomato founder Deepender Goyal has also invested in Ship Rocket. Goyal, however, immediately denied these allegations and said that his personal investment in Ship Rocket is $100,000 and he has withdrawn his investment without any profit prior to Zomato’s investment.
Company profit from investment
Along with this, Goyal argued that it was because of his personal investment that ShipRocket and Zomato got a chance to come closer. Goyal said that he had taken this step as an attempt to reconcile the two companies by seeing the long-term prospects of ShipRocket. He said that it is possible that in the coming days also he should personally invest in a company and the company may also invest in it.
Sahil Goyal, CEO and Co-Founder, ShipRocket, said that technology enablement plays a big role in the direct-to-consumer e-commerce space. This investment is the fruit of hard work put in by the entire ShipRocket team over the last 4 years. New investors, Moore Strategic Ventures and 9Unicorns, are also involved in this round along with existing investors, InfoEdge Ventures and March Capital. Launched in 2017, Shiprocket is the fastest profit making company in the last 24 months, while doubling its ARR (Annual Run Rate) in the last 6 months.
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