India’s SaaS-based logistics management platform Shipsy has secured US$25 million funding in its Series B financing round led by Z3 Partners and A91 Partners along with participation from Sequoia Capital India’s Surge.
Shipsy plans to use the fresh funding to continue growing its presence in the Middle East, India, and Southeast Asian markets while accelerating its global expansion into new markets such as the US and Europe.
The startup will also be using the fresh capital to drive technological innovation with a focus on enhancing sustainability outcomes in the global logistics industry and their platform’s AI, blockchain, and machine learning capabilities.
“We are thrilled to partner with seasoned investors with a common vision to transform the global logistics industry using a technology-first approach. Their continued support strengthens our mission of enabling customers to achieve sustainable business and logistics excellence. It takes us closer to our goal of becoming the de-facto logistics operating system globally, such that every shipment being delivered, whether to a consumer or to a business, whether domestically or internationally, is powered by Shipsy,” says Soham Chokshi, CEO and Co-Founder Shipsy.
“Shipsy’s technology offering enables them to be the single partner of choice for enterprises who are transforming their logistics operations. Large category-leading customers have been thrilled at the impact of Shipsy in their operations. We look forward to partnering with them as they become a leader in logistics software” says Kaushik Anand, Partner at A91 Partners
Shipsy had raised funding of US$6 million in 2020 in its Series A round that was led by Sequoia Capital India’s Surge and Info Edge. Last year, to support a growing customer base in the Middle East, the company established its regional headquarters in Dubai and recently in Indonesia for its Southeast Asian users.
Shipsy was founded in 2015 by Soham Chokshi, Dhruv Agrawal, and Himanshu Gupta. The logistics platform offers a comprehensive software suite that helps logistics and supply chain companies increase operational efficiency and service levels using actionable insights.
Shipsy’s platform capitalizes on the company’s existing data and provides it with critical business insights thus empowering the businesses to make better decisions. It enables real-time data processing and provides you with live alerts using scalable machine learning models.
The company claims to have recorded a growth of 2.5x in its ARR and grew its consumer base by 75 percent in 2021.