Logistics Startup Shiprocket Launches New Financing Platform For SMBs

ENA MSME 2023-12-05 16:25:03 New Delhi, Dec 5 (KNN) Shiprocket, an e-commerce logistics and shipping software company on Tuesday announced the launch of Shiprocket Capital, a new financing platform to facilitate up to Rs 10 crore in revenue-based financing to small and medium businesses (SMBs) operating online. The company said it aims to enable around Rs 100 crore capital to SMBs in the next 12 months (December 2024). The funds will be collateral-free without any equity dilution to help enterprises ramp up their inventory, boost marketing, enhance production or expand into new markets. The repayment involves a one-time fee and a percentage of revenue generated by the SMB, according to the details available on the companys website. Shiprocket Capital will cater to e-commerce businesses operating across diverse categories, including fashion, consumer electronics, beauty and personal care, home and kitchen, and jewellery and accessories. In its pilot phase, Shiprocket Capital said it has disbursed over Rs 35 crore to around 150 SMBs. According to a report by IBEF, India is home to over 5 lakh e-commerce businesses, but traditional financing methods have long presented challenges for e-commerce entrepreneurs. Offering a swift and efficient means of accessing much-needed capital, revenue-based financing is increasing the startup growth by up to 30 per cent. Leveraging this potential, Shiprocket Capital presents a big opportunity for the 3 lakh merchants on the platform with a GMV of 30,000+ crores to scale their business, Shiprocket said in a statement. The company said it will disburse capital through its partner non-banking financial companies (NBFCs) including InCred, Indifi, Klub, Stride, Vedfin, Velocity, and GetVantage within two days of document submission by the SMB. Saahil Goel, Co-founder and CEO, Shiprocket, said, India is on track to build a thriving ecosystem of 1 million eCommerce businesses by 2025. As an eCommerce enablement platform, we aim to empower them with flexible capital to grow their businesses and prove to be their partner in growth through Shiprocket Capital. Launched in 2017, Shiprocket provides a technology stack to help retailers integrate their shopping websites on Shopify, Magento, WooCommerce, Zoho, and others with the platforms multi-carrier API to manage orders, prints, and shipping labels. It also avails tracking information from multiple providers including managing Cash on Delivery orders and payment reconciliation. (KNN Bureau) 35780 https://knnindia.co.in/news/newsdetails/msme/logistics-startup-shiprocket-launches-new-financing-platform-for-smbs 2023-12-05 16:25:03 knnindia.co.in Logistics Startup Shiprocket Launches New Financing Platform For SMBs