Shipsy raises $25 Mn; aims for expansion in new & existing markets

Shipsy, a logistics management SaaS platform, has reportedly raised $25 million in a Series B funding round. The funding, co-led by Z3 Partners and A91 Partners, also witnessed participation from existing investors such as Sequoia Capital India’s Surge and Info Edge.

Apparently, the recently raised capital will be used to expand into new markets like the US and Europe and flourish within the existing markets like India, Middle East and Southeast Asia.

Additionally, the start-up will invest in driving the technological innovations while concentrating on enhancing sustainability results in the global logistics industry and their platforms like machine learning, AI, and Blockchain capabilities.

Soham Chokshi, Chief Executive Officer and Co-Founder at Shipsy, stated that the firm is thrilled to team up with the seasoned investors with a similar insight to revamp the global logistics industry by using technology-first perspective.

Soham mentioned that their support encourages them to attain logistics excellence and sustainable business along with pacing up their mission to become the de-facto logistics operating system across the globe, in a sense that every shipment, either international or domestic, is powered by Shipsy.

Chokshi added that this will build a strong product roadmap which will continue to make customers successful by assisting them in reducing the cost of logistics and drive an incomparable customer experience.

Gautam Patel, Managing Partner at Z3, commented that Shipsy is developing a comprehensive customer-first SaaS company servicing a critical need in freight, shipping and the complete global supply chain.  

Gautam added that Shipsy’s addressable market has quadrupled following the pandemic and the team is glad to collaborate with the firm, as Shipsy transforms itself into a top-notch software company.

For the record, Shipsy established its regional headquarters in Dubai in 2021 along with Indonesia for their Southeast Asian users. Moreover, the company also witnessed a growth rate of 2.5x in its ARR and expanded its customer base by 75% the previous year.

Source Credits :- https://www.thehindubusinessline.com/info-tech/shipsy-raises-25-million-from-a91-partners-and-z3-partners/article65077641.ece