[Funding alert] AI-enabled logistics startup Shyplite raises $1M from N+1 Capital
Delhi-based Shyplite said it will utilise the funds to support its expansion plans to enter new segments like fulfilment centres and hyperlocal deliveries to become an end-to-end logistics player and add more experts on board.
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Shyplite, a Delhi-based AI-powered logistics platform that enables businesses to automate their logistics and increase shipping efficiency by providing a single-window platform integrated with multiple carriers, has raised $1 million from revenue-based growth capital firm N+1 capital.
The company was bootstrapped with investments in the year 2015 from its founding members Nisschal Jain (Managing Partner), Sugam Jain (CEO) and Parinay Itkan (COO), and launched exactly five years ago on 9th June 2016.
Shyplite said it will utilise the funds to support its expansion plans to enter the new segments like fulfilment centres and hyperlocal deliveries to become an end-to-end logistics player and add more experts on board.
“Bootstrapped and profitable, this fresh capital comes at the opportune time as we enter into the next phase of Shyplite’s journey and will enable us to spearhead our growth vision and meet the rising demands from businesses to help them further streamline logistics function and add more growth led offerings,” said Nisschal Jain, Co-founder and Managing Partner, Shyplite.
(L-R) Shyplite Co-founders: Parinay Itkan, Nisschal Jain, and Sugam Jain
As part of the expansion, Shyplite claims to have committed nine fulfilment centres across India in cities including Delhi, Mumbai, and Bengaluru. It is also bringing last-mile logistics players like Dunzo, Wefast and Shadowfax and others on its platform to help businesses with last-mile and same-day delivery service.
The logistics player, which has been consistently profitable since 2017, is trusted by 90,000+ sellers and is on track to surpass 1 million shipments per month. Currently operating as a team of 160+, the startup plans to hire an additional 140 people in the next one next year to support its expansion drive.
N+1 Capital Managing Partner Ashish Singla added,
“Shyplite has redefined the automated logistics aggregator space with their unique pay per use model which makes them extremely customer friendly and a clear category leader. Being our largest investment till date, we at N+1 Capital are delighted to partner with the exemplary founding team of Shyplite and support their sustained growth trajectory.”
Shyplite provides 30+ courier services, multiple marketplaces and carts integrations, shipping to 26000+ serviceable pin codes pan-India and 220 countries globally.
The company is in the process of raising Series A capital and has appointed Mumbai-based Investment Bank Candle Partners to facilitate the same.
Edited by Anju Narayanan