Shiprocket is India’s most valuable gazelle, and all set to turn unicorn in 2 years, says report

• According to ASK Private Wealth Hurun India Future Unicorn Index 2022 report by Hurun, logistics startup Shiprocket is the most valued Gazalle.
• The Delhi-based startup faced its biggest challenge in 2020 as the world went into lockdown mode due to Covid-19.
• However, the startup coped with the losses, and even managed to secure funding during the pandemic.

Tech-enabled logistics startup Shiprocket has been named the most valuable gazelle in India. It has the potential to become a unicorn in the next two years, as per ASK Private Wealth Hurun India Future Unicorn Index 2022 report by Hurun.

The report defines gazelle as a startup founded after 2000, and has the potential to become a unicorn in two years.

A gazelle exhibits high-growth with its revenues growing by at least by 20% yearly for four years or more. Its base revenue must be at least $1 million.

The Delhi-based startup faced its biggest challenge in 2020 as the world went into lockdown mode due to Covid-19. Shipments of the company founded in 2017, fell by a whopping 95% in just a few days, according to the Hurun report.

However, the startup coped with the losses, and even managed to secure funding during the pandemic.

It raised $355 million of funding so far. It closed a $185 million (₹1,380 crore) in a series E round of funding co-led by Zomato, Singapore's sovereign wealth fund Temasek and Lightrock India, according to a report by the Economic Times.

In June this year, the logistics company also acquired a majority stake in Pickrr — an e-commerce SaaS platform for direct-to-consumer brands and SME e-tailers for $200 million – comprising cash, stock, and earn-out.

Over 51 gazelles are likely to become unicorns in 2 years

The report featured over 51 gazelles including Zepto, Turtlemint, Dunzo, Rapido, which have estimated valuation in the $500 million to $1 billion range.

“The cumulative valuation of gazelles featured in the report increased by more than 54% year-on-year to $31 billion. Combined, the 51 startups in the index have received $10.1 billion of funding,” says the report.

The fintech sector has contributed 13 gazelles to the index, followed by SaaS with five, edtech, e-commerce and shared economy with four each.

“In just one year, the number of unicorns has increased by 65%, the number of gazelles has increased by 59% to 51. And the number of cheetahs increased by 31% to 71. Probably, the pandemic has accelerated the disruption of traditional businesses and fostered the emergence of start-ups. The ecosystem is gradually attaining the requisite maturity and resilience,” said Anas Rahman Junaid, MD and chief researcher, Hurun India.

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