Mumbai Angels Network, a platform for early-stage investments, has onboarded Shiprocket, tech-enabled logistics and fulfillment platform, as their latest partner for ‘The Co-Investment Program’. This program aims to partner with like-minded networks and funds to facilitate faster access to capital for growth ramp up, the company said.
An ecommerce shipping and enablement platform Shiprocket has been working with D2C startups for over five years, helping create a strong, parallel infrastructure for logistics and shipping. With 1,00,000+ sellers and over 90% of D2C brands, they have been a reliable partner for growing D2C brands, enabling them to further expand their reach, according to the statement.
With ‘The Co-Investment Program’ Shiprocket and Mumbai Angels Network will identify startups with unique offerings that can top their respective subcategories or create new ones on their own while showing promising metrics in terms of revenue and profitability. Both partners are also keen on discovering startups with passionate founding teams, industry expertise and strong product portfolio that have an ability to expand their target user segments.
Nandini Mansinghka, Co-Founder & CEO - Mumbai Angels Network said, “Since ‘The Co-Investment Program’ was launched to identify and support promising startups, we naturally look for partners that have extensive experience in dealing with early-stage startups. Shiprocket was the perfect choice for us, as they bring a wide spectrum of expertise alongside understanding the distribution and shipping needs of early-stage, fast-growing, and big D2C brands. We look forward to working with them.”
“Startups in the growth stage require ample support not just in terms of capital but mentorship in nearly every aspect of the business. Our Rocketfuel Accelerator program has given the experience and understanding required to helping startups succeed. We are delighted to collaborate with Mumbai Angels Network for their innovative approach on ‘The Co-Investment Program’. Their vast portfolio of startups and extensive network of investors makes this a win-win situation. This partnership will not just be for closing deals together but will make startups more efficient, ultimately bolstering the ecosystem,” added Vishesh Khurana, Co-Founder - Growth, Shiprocket.
Shiprocket recently closed $185 million (Rs 1380 crore) fundraising as part of its Series E funding round co-led led by Zomato Ltd, Temasek Holdings and Lightrock India.
In 2020, Shiprocket launched its Rocketfuel Accelerator Program to support promising D2C startups with capital and mentorship. The program launched its second cohort in October 2021. Furthermore, Shiprocket’s founding team, Saahil Goel, Vishesh Khurana, Gautam Kapoor, and Akshay Gulati, are actively involved in working with D2C brands for investments/partnerships.
Started in 2006, Mumbai Angels Network is a platform focused on new venture investing and it has a 190+ portfolio across sectors and cities in India with more than 650 investors. Of the overall portfolio, the platform has exited/ secured the next round of funding for 100+ of them.