Shipsy, a software-as-a-service or SaaS-based logistics management platform, has raised $25 million in a funding round co-led by A91 Partners and Z3Partners. The round also included existing investors Info Edge and Sequoia Capital India’s Surge.
The company primarily aims to leverage this new infusion to penetrate deep into local, Middle East and Southeast Asian markets, while accelerating global expansion into new markets such as the US and Europe. It will also use the money to enhance technological innovation and its platform’s AI, machine learning and blockchain capabilities.
Founded in 2015 by Soham Chokshi, Himanshu Gupta, Dhruv Agrawal, Sahil Arora and Harsh Kumar, Shipsy enables businesses worldwide to build resilient, connected, agile, sustainable and autonomous supply chains and logistics operations. Its smart logistics management platform claims to empower businesses to significantly reduce operating costs, lower carbon footprint, enhance customer experiences, boost delivery productivity, and drive seamless cross-border freight movement.
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The startup is currently based in India, Dubai and Indonesia and claims to serve over 160 customers globally. It is said to be procuring over 100 million freight every month and optimizing the movement of more than 2 million parcels every day.
Soham Chokshi, CEO and Co-Founder Shipsy said, “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.”
“Shipsy is building a comprehensive customer-first SaaS company servicing a critical need in shipping, freight and the entire global supply chain. Shipsy’s addressable market has quadrupled post-Covid,” said Gautam Patel, managing partner, Z3Partners.
In 2021, to support a growing customer base in the Middle East, Shipsy established its regional headquarters in Dubai and, more recently, in Indonesia for its Southeast Asian customers. The company also recorded 2.5x growth in its annual recurring revenue (ARR) and grew its customer base by 75% last year, the company said.
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