How Shyplite rode the logistics boom amidst the COVID-19 pandemic
AI-powered logistics startup Shyplite has been a benefactor of the multifold growth of the online logistics industry amidst the COVID-19 pandemic.
At present, the startup is working towards surpassing its revenue target of Rs 150 crore in FY22. It is also set to invest in ancillary logistics companies for inorganic growth.
Mirroring the trajectory of the pandemic and lockdowns in India, Shyplite witnessed business growing from “100 to 0 and 0 to 200” in a very short time.
“The ecommerce industry found its feet in the pandemic much faster than any other sector,” says Sugam Jain, Founder and CEO of Shyplite tells YourStory’s Daily Dispatch.
To cater to the growing customer base and surge in demand, Delhi-based Shyplite raised $1 million from N+1 Capital in June 2021. The startup is now preparing to raise Series A capital.
“We have been profitable since October 2017, and the reason behind this round of funding was to support the robust and out of proportion growth… We needed this growth capital,” Sugam says.
The startup will use the funds to support its expansion plans, focus on key deliverables, and onboard experts to make Shyplite a full-fledged logistics player.
Reports suggest that India’s logistics market is projected to reach $11.48 billion by 2027, growing at a CAGR of 18.8 percent.
In a bid to tap this opportunity, e-logistics players are fast-tracking expansion plans and even taking a piece of international shipments.
In terms of numbers, Shyplite crossed the one million mark in shipments and is looking to grow this number by another million in FY22. To further advance this surge in customers, Shyplite will be focusing majorly on moving to the global market with cross-border ecommerce.
Convenience is a big advantage with online deliveries, and the startup plans to try out a ‘same day delivery’ model, which will achieve ease of business.
In fact, Shyplite wants to have the convenience factor in its business operations by enabling automation in maximum tasks so merchants aren’t dependent on external factors.