[Funding alert] Shipsy raises $6M from Surge, Info Edge
Shipsy on Wednesday said it has raised $6 million (about Rs 44.3 crore) in a funding round, co-led by Sequoia Capital India's Surge, and existing investor, Info Edge.
Shipsy is a SaaS (software as a service) based firm that helps shippers and logistics companies to digitise and automate their operations.
The platform helps shippers reduce freight costs by automating and digitising freight negotiations, reducing incidental charges, significantly improving shipping turnaround time. This helps minimise working capital loss for shippers through advanced machine learning models.
"Owing to a substantial increase in the demand for our solution, it was important to leverage the momentum and look out for global investment partners in our next leg of our journey," Shipsy Co-founder and CEO Soham Chokshi said.
The money raised in the Series A funding round will help fuel growth and enable to continue aggressive geographical expansion, besides investing in product innovation, Chokshi added.
Shipsy was co-founded in June 2015, by Soham Chokshi, Dhruv Agarwal, Himanshu Gupta, and Sahil Arora.
It has raised about Rs 10 crore till date and has customers across Dubai, Saudi Arabia, North Africa, Singapore, and Malaysia.
"While we have run our venture profitably, it was critical for us to partner with like-minded global investors in our journey as we venture into larger markets," Chokshi added.
The company said its revenue has grown over three-fold in the last year-and-a-half. It has substantially increased its customer base by over 2x over the lockdown period as enterprises look out for a digital solution to manage shipments.
In November last year, BSE-listed Info Edge — in a regulatory filing — had said it had entered into an agreement to invest about Rs 5 crore in Llama Logisol — which operates Shipsy.
Commenting on the follow-on fundraise, Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge, said the product has seen great adoption from large Indian as well as overseas corporates with significant cost reduction for them.
"We are excited to continue backing the team as Shipsy is evolving into a global business-to-business (B2B) product being built and scaled from India," he added.