Haryana-based Shipsy secures USD 6 million funding from Surge, Info Edge

Advertisement

Shipsy on Wednesday said it has managed to secure a capital of USD 6 million (about Rs 44.3 crore) in a funding round, co-led by Sequoia Capital India’s Surge, and existing investor, Info Edge.

Shipsy is a SaaS (software as a service) based firm that aids shippers and logistics companies in digitisation and optimisation of their operations. The platform helps shippers reduce transportation costs by automating and digitising freight negotiations, reducing incidental charges, significantly improving shipping turnaround time. This helps pull down working capital loss for shippers with the help of advanced machine learning models.

Shipsy was co-founded in June 2015, by Soham Chokshi, Dhruv Agarwal, Himanshu Gupta, and Sahil Arora. It has raised about Rs 10 crore till date and has customers across Dubai, Saudi Arabia, North Africa, Singapore and Malaysia. The company has witnessed a 3-fold jump in revenue over in the last year and a half. It has substantially increased its customer base by over 2x over the lockdown period as enterprises lookout for a digital solution to manage shipments.

“Owing to a substantial increase in the demand for our solution, it was important to leverage the momentum and look out for global investment partners in our next leg of our journey”, Shipsy co-founder and CEO Soham Chokshi said.

“The money raised in the Series A funding round will further accelerate growth and enable to continue aggressive geographical expansion, besides investing in product innovation,” Chokshi added.

In November last year, BSE-listed Info Edge – in a regulatory filing – had said it has signed an agreement to invest about Rs 5 crore in Llama Logisol – which operates Shipsy. Commenting on the follow-on fundraise, Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge, said the product has secured a large consumer base with large Indian as well as overseas corporates, helping them with a significant cost reduction.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time