[Funding alert] Logistics platform Shipsy raises funds from Info Edge India in pre-Series A round
The funds raised will be used by Shipsy for investment in sales and marketing, as well as, for broadening product offerings of its EXIM platform.
Gurugram-based digital logistics platform Shipsy announced the closure of its pre-Series A round led by Info Edge India – the parent company of job portal Naukri.com
Although the startup didn't disclose the amount raised, the documents filed by Info Edge with the Bombay Stock Exchange (BSE) revealed that the round was worth Rs 5 crore.
Founded in 2015 by IITians Soham Chokshi, Dhruv Agarwal, Himanshu Gupta, and Sahil Arora, Shipsy initially focussed on courier and LTL logistics sector, providing solutions for both courier agencies and shippers. Later, the startup diversified and expanded its services to the broader logistics ecosystem.
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The funds raised will be used for investment in sales and marketing, as well as, for broadening product offerings of its EXIM platform, the company said in a statement.
Soham Chokshi, Co-Founder and CEO, Shipsy said, “Supply chain is an area where enterprises can save high costs to improve its bottom line. Logistics needs global connectivity, and hence, it becomes natural to serve the participants across the globe.”
Recently, the company expanded its top management by adding Harsh Kumar, ex-Co-founder of digital freight forwarder – Cogoport which is backed by Accel Partners, and Arun Kumar, ex-MD of Bridgestone Americas and Senior Advisor to McKinsey and Company, as its mentor.
Earlier, Shipsy also launched a solution for exporters and importers to manage vendors for price procurement, shipment execution, and end-to-end container tracking. The product is designed to help exporters and importers to digitise their operations and bring about significant time and cost savings. This comes along with LTL tracking and route optimisation.
"Global logistics is extremely unorganised and participants work in silos thereby losing a lot of efficiency in the process. We believe that an ecosystem play would not only help streamline the operations but, would also help optimise and centralise the cash flow movement. The logistics industry is witnessing rapid technology adoption. Shipsy’s founding team has built deep domain knowledge and continues to execute with a disciplined and focussed approach. We are very excited to partner with the team”, Kitty Agarwal, who heads the VC arm of Info Edge, said.
Shipsy claims to have over 120 shippers on board including some of India’s largest exporters in petrochem, iron and steel, textile, and agro commodities industry.
(Edited by Suman Singh)