Shipsy, a leading SaaS-based smart logistics management platform provider, has raised 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 funding will enable Shipsy to continue growing its stronghold in the Middle East, India and Southeast Asian markets while accelerating global expansion into Europe and the US. Shipsy will also use the 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.
Shipsy’s technology-first approach has enabled them to build customer trust and loyalty, a key factor driving investments.
“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,” says Kaushik Anand, Partner at A91 Partners
Shipsy’s continuous focus on enabling businesses to provide customer transparency, flexibility and convenience has been a critical reason behind its growth.
“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 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 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.
This round comes on the back of Shipsy having raised a Series A funding of USD 6 million in 2020 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 HQs 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% last year.