Zomato-backed logistics technology platform Shiprocket became India’s 106th unicorn on Wednesday after raising $33.5 million (about Rs. 270 billion) in a funding round co-led by Temasek and Lightrock India.

Shiprocket was valued at around $1.2 billion in the new funding round.

The fresh funds will help Shiprocket expand its operating system by developing newer software and intelligence products and deepening its capabilities in fulfillment and same-day delivery, a statement said.

Existing investors, Bertelsmann India Investments, March Capital, Moore Strategic Ventures, PayPal Ventures and Huddle also participated in the Series E2 funding round.

“This investment will help accelerate our roadmap and will also help us deliver best-in-class e-commerce experiences for every direct-to-consumer retailer in India,” said Saahil Goel, CEO and co-founder of Shiprocket.

Founded in 2017, Shiprocket delivers packages to more than 66 million consumers annually and is growing at a rate of 3x annually.

Last month, Shiprocket acquired the technology business of omnichannel retailer Arvind Internet Limited called ‘Omuni’ for Rs 200 crore in a stock and cash deal.

The deal will leverage the technology and resources of both companies to enable fast, efficient and hassle-free deliveries from the nearest store/warehouse across a larger D2C commerce enablement segment, Shiprocket said in a statement.

In June, Shiprocket acquired a majority stake in Pickrr, an e-commerce Software-as-a-Service (SaaS) platform for D2C brands and SME e-tailers for around US$200 million (nearly Rs.1,560 billion) .

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