In a pivotal move that’s set to turbocharge India’s fragmented logistics sector, Bengaluru-based startup Ripplr has secured INR 200.3 crore (approximately $22.6 million) in fresh funding, led by Japanese giant Sojitz Corporation. This capital injection, a blend of equity and debt, comes at a time when Ripplr’s revenues are surging, positioning it as a frontrunner in tech-enabled distribution for FMCG and e-commerce brands. While the company’s losses have widened due to aggressive scaling, this raise underscores investor confidence in its asset-light model amid India’s projected logistics boom to USD 668.2 billion by 2033.
Established in 2019 by Abhishek Nehru, a former Flipkart supply chain executive, and Santosh Dabke, an IIT Bombay graduate with deep operations expertise, Ripplr operates as a plug-and-play platform that digitizes distribution channels. It facilitates warehouse and store onboarding, dynamic price management, and seamless integration for brands. Complementing this is its logistics arm, which handles last-mile delivery, cold chain solutions, and real-time vehicle tracking. Ripplr’s clientele includes heavyweights like Colgate-Palmolive, Britannia Industries, and Dabur for distribution services, alongside e-commerce players such as BigBasket, Blinkit, and Croma for logistics support. By focusing on tier-2 and tier-3 markets, where traditional supply chains often break down, Ripplr addresses inefficiencies that plague 70% of India’s unorganized FMCG distribution network.
The funding round saw Sojitz Corporation injecting the lion’s share—INR 191.6 crore through 3.1 lakh Series C1 Compulsorily Convertible Preference Shares (CCPS) priced at INR 6,119 each. Existing investors 3one4 Capital and Trifecta Capital chipped in INR 8.3 crore and INR 63.9 lakh, respectively. This builds on Ripplr’s prior $40 million Series B in 2023, backed by Fireside Ventures, Bikaji Foods, Neo Foods, Zephyr Peacock India, and others, which expanded its footprint to over 15 states and 50,000 retail outlets. Sojitz, a Tokyo-based conglomerate with global revenues exceeding $20 billion, brings more than capital—its expertise in Asian supply chains could open doors for Ripplr in cross-border operations, especially as India-Japan trade flourishes under CEPA.
Financially, Ripplr’s FY24 performance paints a picture of robust growth tempered by expansion costs. Operating revenue climbed 38.9% year-over-year to INR 1,028.38 crore from INR 740.22 crore in FY23, fueled by increased volumes in FMCG and e-commerce partnerships. However, net losses expanded 43.5% to INR 89.15 crore, reflecting investments in tech infrastructure, fleet electrification, and geographic expansion. Analysts attribute this to the high CapEx nature of logistics scaling, but project profitability by FY26 as margins improve through AI-driven optimizations that reduce delivery times by up to 30%.
| Fiscal Year | Operating Revenue (INR Cr) | Net Loss (INR Cr) | YoY Revenue Growth (%) | Key Highlights |
|---|---|---|---|---|
| FY22 | ~450 | ~45 | – | South India focus |
| FY23 | 740.22 | 62.09 | 64.3 | E-com tie-ups |
| FY24 | 1,028.38 | 89.15 | 38.9 | Volume surge, cold chain |
| FY25 (Est.) | 1,400+ | 70-80 | ~36 | Post-funding scaling |
Table 1: Ripplr’s Financial Snapshot (Sources: Company filings via YourStory, Inc42) Note: FY22 figures approximated based on growth trends.
This trajectory outpaces the broader Indian logistics market, valued at USD 310.2 billion in 2024 and forecasted to reach USD 668.2 billion by 2033 at a CAGR of 8.9%. Drivers include e-commerce growth (projected at 15% of retail by 2027), government policies like the National Logistics Policy 2022, and PM Gati Shakti’s infrastructure push. Yet, challenges loom: operational costs remain high in underserved regions, with logistics expenses 40% higher in states like Bihar compared to Maharashtra. Ripplr’s tech edge—leveraging AI for predictive forecasting and route optimization—positions it to capture a larger slice, potentially aiming for 5% market share in distribution tech by 2027.
Competitively, Ripplr squares off against unicorns like Udaan (total funding ~$1.15 billion, estimated FY24 revenue >INR 5,000 crore) and ElasticRun (~$300 million funded, ~INR 800 crore revenue), as well as listed player Delhivery (~INR 8,000 crore revenue). While Udaan dominates B2B e-commerce with a vast marketplace, Ripplr differentiates through specialized FMCG focus and hyperlocal logistics. ElasticRun excels in rural last-mile, but Ripplr’s urban e-com integrations give it an advantage. Delhivery, with 15% market share in express logistics, sets the profitability benchmark but faces margin pressures at ~10%.
| Competitor | Total Funding (USD Mn) | Est. FY24 Revenue (INR Cr) | Key Strength | Est. Market Share (%) |
|---|---|---|---|---|
| Ripplr | 60+ | 1,028 | Tech distribution | 2-3 |
| Udaan | 1,150 | 5,000+ | B2B marketplace | 8-10 |
| ElasticRun | 300 | 800 | Rural logistics | 4-5 |
| Delhivery | 500 | 8,000 | Express delivery | 15 |
Table 2: Ripplr vs. Key Rivals (Estimates from Tracxn, Growjo, Moniify)
Insights from recent buzz on X highlight the excitement: A January 2025 post noted Ripplr nearing a $30 million round (close to this 200 Cr) led by SBI Ventures with Sojitz participation, valuing it at $200 million and signaling sustained investor interest in logistics tech. Older threads recall its $40 million Series B in 2023, emphasizing pan-India expansion.
For visual context, envision a line graph: X-axis from FY22-FY25, Y-axis showing revenue (steep rise from ~450 Cr to 1,400+ Cr) versus losses (peaking at 89 Cr before tapering). A pie chart could depict market shares, with Ripplr’s growing wedge amid giants.
This funding isn’t without risks—VC inflows into logistics dipped 15% YoY to $1.2 billion in H1 2025, prioritizing profitable models. But with Sojitz’s backing, Ripplr could pioneer sustainable initiatives like EV fleets (targeting 50% by 2027), aligning with India’s green goals. As cofounders remain mum on specifics—Nehru didn’t respond to queries—the raise hints at acquisitions or tech upgrades to solidify its edge. Ultimately, it’s a positive jolt for India’s supply chain, promising efficiency in a sector ripe for disruption.
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Last Updated on: Monday, September 15, 2025 3:00 pm by Republic Business Team | Published by: Republic Business Team on Monday, September 15, 2025 3:00 pm | News Categories: Funding News, News
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