[Funding alert] Shipsy raises $25M in Series B co-led by A91 Partners, Z3 Partners
, a SaaS (software-as-a-service)-based smart logistics management platform provider, has raised $25 million in a Series B round co-led by A91 Partners and Z3 Partners along with existing investors Info Edge and Sequoia Capital India's Surge.
In an official statement, the Gurugram-based startup said it will use the capital to continue growing its stronghold in the Middle East, India and Southeast Asian markets while accelerating global expansion into new markets such as Europe and US. In addition, It will also be using the funds to drive rapid technological innovation with a greater focus on enhancing sustainability outcomes in the global logistics industry and their platform's AI (artificial intelligence), machine learning and blockchain capabilities.
"Apart from helping us accelerate expansion across geographies and ensure rapid product innovation, the recent funding will enable us to ensure rapid go-to-market with our unique product-led growth offerings. We will drive greater focus and investment in extending our capabilities to customers in a self-service model to further boost adoption," Shipsy Co-Founder and CEO, Soham Chokshi, tells YourStory.
"We will also continue to invest in our people to form a world-class A player team that would make us the leading logistics SaaS company in the world,” he adds further.
Founded in 2015 by Soham, 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.
The startup says it has a team of over 220 employees based out of India, Dubai, and Indonesia. It serves more than 160 customers across the globe, procuring 100 million freight every month.
"Shipsy's technology offering enables them to be the single partner of choice for enterprises who are transforming their logistics operations. We look forward to partnering with them as they become a leader in logistics software," said Kaushik Anand, Partner at A91 Partners.
In 2020, Shipsy raised $6 million in a Series A round led by Sequoia Capital India’s Surge and Info Edge. 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 a growth rate of 2.5x in its ARR and grew its customer base by 75 percent last year.
"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," added Gautam Patel, Managing Partner, Z3 Partners.