New Delhi, July 8 (TIWN) 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 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.