Shipsy, a Gurugram based SaaS logistics startup raises USD 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.
The freshly raised funds will enable the logistics startup to maintain its growing stronghold in the Middle East, India, and Southeast Asian markets while also accelerating the company’s aim of global expansion into Europe and the US.
In addition to this, Shipsy will also utilize these funds to drive rapid technological innovation with a greater focus on enhancing logistics sustainability and its AI, ML, and Blockchain capabilities.
“We are thrilled to partner with seasoned investors with a common vision to transform the global logistics industry technology. Their continued support strengthens our mission of enabling customers to achieve sustainable business and logistics excellence. It takes us closer to our goal of becoming the de-facto logistics operating system globally,” says .Soham Chokshi, CEO and Co-Founder Shipsy
One of the key factors driving investments for Shipsy’s is its technology-first approach which has also enabled the logistics player to build customer trust and loyalty.
“Shipsy’s technology offering enables them to be the single partner of choice for enterprises who are transforming their logistics operations. Large category-leading customers have been thrilled at the impact of Shipsy in their operations. We look forward to partnering with them as they become a leader in logistics software,”Kaushik Anand, Partner at A91 Partners
Shipsy’s growth is driven by its continuous focus on enabling businesses to provide customer transparency, flexibility, and convenience.
“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. We are excited to partner with Soham, Dhruv, Harsh, and the team as they build Shipsy into a world-class software company,”Gautam Patel, Managing Partner, Z3Partners
Commenting on Shipsy’s growth, Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge, highlighted the immense potential the company holds.
“We have been backing Shipsy from a very early stage. We are delighted to see them growing rapidly over the past couple of years. They have demonstrated a significant impact on the supply chain and logistics industry. We believe in their mission and foresee them becoming one of the largest global logistics SaaS ventures that’s built in India,” says Bikhchandani.
In 2020, Shipsy raised a Series A funding of USD 6 million in 2020 led by Sequoia Capital India’s Surge and Info Edge. Following this, the logistics startup in 2021 established its regional HQs in Dubai and, more recently, in Indonesia to support its growing customer base from the Middle East, Southeast Asia. Last year, the company recorded a growth rate of 2.5x in its ARR and grew its customer base by 75%.