New Delhi, Jul 8 (IANS): E-commerce aggregation platform Shiprocket on Thursday said it has raised $41.3 million (about Rs 305 crore) in Series D1 funding co-led by PayPal Ventures, the corporate VC arm of PayPal.

The latest infusion of capital brings Shiprocket's total funding to $94.3 million.

The New Delhi-based company said that it aims to leverage these funds to fuel product development for both existing and new products, to invest in research and development, continue market expansion and accelerate overall growth.

Direct-to-consumer (D2C) commerce forms roughly 15 per cent of the overall e-commerce market in India and this is projected to grow to 30-35 per cent in the next five years.

"Shiprocket is democratizing best-in-class experiences for hundreds of thousands of eCommerce brands that are shipping millions of items per month through our platform today," said Saahil Goel, CEO, and Co-Founder of Shiprocket.

A part of the funds will also be directed towards the platform's new strategic initiatives, including global expansion starting with the Middle East, the company said.

Existing investors Bertelsmann India Investments and Info Edge Ventures, March Capital and Tribe Capital also participated in the round.

The funding round also saw participation from strategic partners, such as Razorpay and Innoven Capital, and entrepreneurs including Cred founder Kunal Shah and Zomato founder Deepinder Goyal.

"Shiprocket has excelled by focusing on building products that solve major logistical problems for businesses as they scale, much like PayPal has supported merchants with payments," said Marc Donnadieu, Director, PayPal Ventures.

Over 100,000 online sellers in India are using Shiprocket to streamline their post-checkout process, starting from logistics to warehousing to COD management.

"The goal is that as Shiprocket expands its capabilities and tools for sellers, anyone with a product to sell should be able to avail of Shiprocket's suite of products and services at one click to get their business off-the-ground with an Amazon-like one-day delivery experience", said Kitty Agarwal, Partner, Info Edge Ventures.

Founded in 2017, Shiprocket became profitable in FY18-19 and is on track to close this financial year at $100 million in annual recurring revenue (ARR).

Shiprocket currently processes more than 5 million monthly shipments.