Ecommerce shipping and enablement firm Shiprocket on Friday said it will acquire 75% stake in customer data platform (CDP) Wigzo Tech for an undisclosed amount.
Shiprocket further said it will expand its product line-up for online retailers who have been joining the platform through this partnership.
The platform counts Zomato Ltd, Temasek Holdings, Lightrock India, 9unicorns, Moore Strategic Ventures, InfoEdge Ventures and March Capital, among its investors. Prominent individual investors such as Brijesh Agrawal (IndiaMART), Peyush Bansal (Lenskart), Sanil Sachar (Huddle Ventures), Varun Alagh (Mamaearth), Sameer Mehta and Aman Gupta (Boat Electronics) and Ashish Gupta (Helion Ventures) are also invested in Shiprocket.
The Delhi-based company also aims to help direct-to-consumer (D2C) brands by ramping up their technology stack for strengthening the marketing conversion with this pact.
Wigzo Tech was started by Umair Mohammed, Himanshu Kaushik and Mohammed Atyab, and it now the platform serves over 400 e-commerce and D2C firms.
Leaf Studios, Power Gummies, Swatantra Clothing, Stitch Clothing, and House of Rare are among their clients. Offline brands like as Morphy Richards, Forest Essentials, Ethos Watches, and Basics Life part of their clientele.
“India’s D2C space is currently showcasing massive growth. Today, the country has over 10,000 D2C brands, with the sector projected to touch $100 billion by 2025. For D2C brands, leveraging data can play a pivotal role in having an edge above their contemporaries. Suffice to say, modern consumers are drawn to brands that take a carefully tailored approach to their buying experience. This is where Wigzo is proving a game-changer in assisting D2C brands,” said Saahil Goel, Co-Founder and CEO of Shiprocket.
“With its underlying CDP rails and other applications such as business intelligence, consumer behaviour, data analytics, and automated assistance, Wigzo packs a cutting-edge platform enabling every D2C brand to create tailored and personalized experiences for their target customers. It also helps brands analyze data in real-time through big data and AI or ML algorithms in just a few clicks,” he added.
Shiprocket also partnered with Mumbai Angels Network, a platform for early-stage investments as their latest partner for ‘The Co-Investment Program’.
In December, Shiprocket brought in Zomato as an investor. It raised $185 million (Rs 1380 crore) as part of its Series E funding round co-led led by Zomato Ltd, Temasek Holdings and Lightrock India.
In July 2021, the company raised $41.3 million (Rs 305 crore) as part of its Series D1 funding round. The funding was co-led by Paypal's corporate venture capital arm PayPal Ventures, Info Edge Ventures along with existing investor Bertelsmann. In February 2021, it raised $27 million (Rs 200 crore) in an extended Series C round of funding co-led by returning investor Tribe Capital and new backer March Capital.
Operated by Bigfoot Retail Solutions, Shiprocket was founded in 2017 by Gautam Kapoor, Saahil Goel, and Vishesh Khurana, the platform powers shipping and fulfillment for small and medium enterprises (SMEs), direct-to-consumer (D2C) retailers, and social commerce sellers across multiple categories. Its shipping solutions are present across more than 29,000 pin codes within India and 220 countries across the world.
The startup also serves as cash on the delivery gateway. Shiprocket claims it delivers packets to more than 66 million consumers annually and is growing 3x year-on-year.
The company added that it doubled its annual recurring revenue (ARR) over the last six months.
Shiprocket's net sales more than doubled to Rs 161 crore in fiscal 2019-20 from Rs 58.8 crore in 2018-19, according to VCCEdge the data and research platform of VCCircle.
It had also posted a net profit of Rs 10 crore during the period against a net loss of Rs 8.56 crore.
