Shiprocket X, the international shipping business arm of Shiprocket, is projected to contribute 25 per cent of the company’s revenue within the next three years. Currently, it accounts for nearly 5 per cent of group revenue, with a gross merchandise value (GMV) of $100 million in global e-commerce.
According to Akshay Ghulati, CEO of International Shipping at Shiprocket, the two-year-old business is a growing area for the company. “The business witnessed a fourfold growth in the last financial year and is expanding at a significantly faster pace than the overall business, as it is a new growth driver for Shiprocket,” he noted.
Ghulati attributes the growth to the increasing push for e-commerce exports, describing this period as a “decade of e-commerce.” He explains, “There is a concerted effort in the country, both from the government and regulatory agencies, to boost e-commerce exports from India. Countries like China have shown us the roadmap for enabling domestic businesses to compete globally. With India’s strengths in manufacturing across certain sectors and unique product offerings, we need to make our own space in the global e-commerce space across diverse categories.”
In addition to providing shipping services, the brand is focusing on developing solutions by addressing the pain points of sellers in international shipping. This involves collaboration with banks, payment partners, shipping companies, and regulatory bodies to create a one-stop solution, he notes. Furthermore, it assists its merchants in marketing their products globally.
Shiprocket X, launched in 2022, has collaborated with 17 shipping partners globally and established five key shipping lanes connecting India to the US, UK, Canada, Australia, and Europe via Amsterdam. “We have built a network in these lanes through partnerships with local players,” the company notes. The platform also integrates with 18 marketplaces, including eBay, Etsy, and Amazon across multiple countries. Currently, Shiprocket X works with approximately 3,000 active merchants each month.