Kuwait’s Agility Ventures has invested in Shiprocket, India’s last-mile delivery aggregator and order management platform.
The funding was used to help fund Shiprocket’s expansion in the Middle East, the company said in a statement.
The investment was part of Agility’s strategy to expand its leadership in digital logistics and e-commerce in high-growth markets through in-house development, acquisitions, and investment in innovative startups, said Henadi Al-Saleh, Agility chairperson and head of Agility Ventures.
Shiprocket simplifies last-mile delivery by consolidating invoices, offering affordable prices, and locating the fastest and realiable couriers, the statement said. Its fulfillment service manages the storage, picking, and packing of merchants’ goods across India. Shiprocket also offers integration with Amazon, Shopify, Magento, and other marketplaces and sellers.
“The Middle East is a key market for Shiprocket and we are working towards providing the best technology solutions for e-commerce sellers, D2C brands and SMEs in the region via our Shiprocket Direct and Wigzo platforms,” added Akshay Ghulati, co-founder of Shiprocket.
Agility Ventures, the venture capital (VC) arm of Kuwait’s supply chain services and infrastructure company, Agility, has invested in e-commerce innovation companies in the US, India, Egypt, and Saudi Arabia.
Last month, Agility finalised its acquisition of UK-based John Menzies, with an enterprise value of £763m.
Agility reported KD16.1m in net profit for the second quarter of 2022, while its net profit for H1 2022 stood at KD28.8m.