Shiprocket is India’s most valuable gazelle, poised to become a unicorn in 2 years, report says

• According to ASK Private Wealth Hurun India Future Unicorn Index 2022 report from Hurun, logistics startup ship missile is the most appreciated Gazalle.
• The Delhi-based startup faced its biggest challenge in 2020 as the world went into lockdown due to Covid-19.
• However, the startup was able to absorb the losses and even managed to secure financing 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, according to ASK Private Wealth Hurun India Future Unicorn Index 2022 Report by Hurun.

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

A gazelle shows strong growth and its earnings grow at least 20% per year for four years or more. Basic income must be at least $1 million.

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

However, the startup was able to absorb the losses and even managed to secure financing during the pandemic.

It has raised $355 million in funding to date. It closed $185 million (₹1,380 crore) in a Series E financing round co-led by Singapore’s sovereign wealth fund Zomato, Temasek and Lightrock India, according to a
report through the economic times.

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

More than 51 gazelles are likely to become unicorns in 2 years

The report included more than 51 gazelles, including: zeptoTurtlemint, Dunzo, Rapido, which are estimated to be worth $500 million to $1 billion.

“The cumulative valuation of gazelles in the report increased more than 54% year-over-year to $31 billion. Together, the 51 startups in the index have received $10.1 billion in funding,” the report said.

The fintech sector 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 has increased by 31% to 71. It is likely that the pandemic has accelerated the disruption of traditional businesses and fostered the rise of start-ups. The ecosystem is gradually reaching the required maturity and resilience,” said Anas Rahman Junaid, MD and principal investigator, Hurun India.

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